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The government will expand the reduction of acquisition and registration taxes for apartment buyers to the Seoul metropolitan area from the end of next month. The government had temporarily reduced such taxes for apartment buyers in other parts of the country in order to stabilize the real-estate market and aid the construction industry in February.
Seoul Metropolitan Government plans to submit an amendment bill to a meeting of Seoul Municipal Council that begins on Thursday, and the new regulation is likely to go into effect by the end of next month. Therefore, those who buy housing units in the Seoul metropolitan area will be subject to acquisition and registration taxes equivalent to 0.5 percent of the housing price, instead of one percent, the current standard.
This tax cut is temporary and applicable only to those who buy a communal housing unit remaining unsold as of Feb. 12 and who complete purchase and registration procedures by the end of June next year.
(englishnews@chosun.com )
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