Seoul to impose capital gains taxes to curb home speculation

Seoul

SOUTH Korea will implement capital gains taxes on owners of multiple homes to rein in speculators who policymakers blame for stoking a housing market bubble across Seoul, Busan and other parts of the nation.

Starting from April 2018, those with two homes in the designated regions will face a 10 percentage point of additional capital gains tax, on top of the current tax rates ranging from 6 per cent to 40 per cent depending on the size of profits, the government said in a statement on Wednesday.