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2006 Figures
The results for the second-year filing of the Comprehensive Real Estate Holding
Tax came in late last December, showing a remarkably high rate of 98.1%. This means that approximately 340,000 out of the 346,000 real estate owners
subject to the tax made voluntary filings.
The Comprehensive Real Estate Holding Tax, imposed on real estate ownership
whose value exceeds a set threshold, was newly introduced in Korea in 2005 with the purpose of raising property taxes up to a level where it appropriately
reflects the actual value of a piece of real estate owned.
In a televised announcement in December 19, 2006 of the results, NTS Commissioner
Jeon, Goonpyo had tentatively revealed the figure at 97.7%. “I would like
to express my deepest appreciation to all of you that have faithfully fulfilled your
tax duties as a citizen of this country,” Mr. Jeon said as he bowed before the camera
in a gesture of gratitude. “The higher-than-expected figures are the result
of improved public awareness in tax.”
The original tally of 97.7% was revised upwards to 98.1% after a recount
of the number of taxpayers showed that 5,000 less homeowners were subject to
the tax.
Presidential Acclaim
President Roh, Moo-hyun officially commended the NTS of its achievements
during a cabinet meeting held at the Presidential Blue House.
President Roh cited “well-orchestrated execution by passionately committed
leadership, perfect process, and strong teamwork displayed at the entire
organizational level” as success factors, calling on other ministries and agencies to benchmark
the NTS example as best practice.
