The ministry said the expanded age limit will take effect in 2019, after a legal procedure for the revision is completed.
|Finance Minister Kim Dong-yeon (center) announces the tax code revision at the Sejong Government Complex on Thursday. (Yonhap)|
A housing subscription savings account enables an adult to apply for both national and private apartments after making deposits for a given period with an interest of a maximum of 3.3 percent during 10 years. After 10 years the rate goes down to 1.8 percent.
There is also a tax exemption on interest earnings for workers who earn less than 30 million won ($26,850) annually.
By Chyung Eun-ju (firstname.lastname@example.org)