President Moon Jae-in on Thursday called on the National Assembly to process proposed revisions to comprehensive real estate and income taxes, saying the changes are necessary to shore up the government’s real estate market stabilization measures.
Speaking at the annual joint briefing session by the Ministry of Land, Infrastructure and Transport and Ministry of Oceans and Fisheries, Moon also urged the ministries to implement policies as planned, saying their operations are closely concerned with everyday lives of the people.
“There cannot be any compromise or political consideration in the principle of protecting end users, while preventing (real estate) speculation,” Moon said, urging the Land Ministry to win the National Assembly’s cooperation in stabilizing the real estate market.
Saying that tax burden on those with one residential property should be lowered, and in turn raised on those with more than one property, Moon urged the National Assembly to approve related revisions.
Moon also urged the Land Ministry to speed up the process of supplying 300,000 homes in the area surrounding Seoul.
Saying that revitalization of local economies is vital to the national economy, Moon said that the Land Ministry must focus on making its policies show results this year.
Moon said that the Land Ministry should reduce administrative procedures for projects selected for balanced growth, and to quickly carry out infrastructure projects that are slated to see 30 trillion won ($24.7 billion) injected over the course of three years.
For the Oceans Ministry, Moon said that the recovery of the country’s shipping industry’s should begin in earnest this year, and the ministry should put its plans on other areas, such as marine tourism, marine biotechnology, energy and cutting-edge shipbuilding technologies, into action.
By Choi He-suk (email@example.com