South Korean President: Tax Reform Plans Open to Revision Amid Market Concerns

South Korean President Lee Jae-myung indicated that the government's recently announced real estate tax reform plans are open to revision. He suggested that policy proposals should not be presented as immutable, especially when facing public and expert concerns.

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If you ask for a 100% perfect plan that needs no revision, it's not easy for humans to do that.

"If you ask for a 100% perfect plan that needs no revision, it's not easy for humans to do that," President Lee remarked during a State Council meeting. He stressed that when presenting a plan, "there should be room for change." This statement comes amid growing market confusion and dissatisfaction with the government's real estate tax overhaul, announced on August 3.

The President defended the flexibility shown by the Ministry of Economy and Finance, whose minister indicated a willingness to revise the plan if issues arise. "Policy is policy because there is room for theoretical debate and different opinions," Lee stated, countering criticisms that such flexibility makes the plan inconsistent or "ragged."

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there should be room for change.

The government intends to collect opinions from the public, experts, and political parties during the legislative notice period, which lasts until August 20. Following this consultation, a final proposal will be submitted to the National Assembly early next month. This process aims to address concerns and refine the tax reform measures.

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Policy is policy because there is room for theoretical debate and different opinions.