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Korean govt to cut property buying taxes

Posted on 03 October 2012

The South Korean Cabinet approved a bill on Tuesday to promulgate rules that temporarily reduce tax rates on purchases and transfers of homes to boost the slumping housing market.
South Korea’s property market has been in a long slump with a sharp drop in home purchases pressing household economies and affecting development-related investment. The government announced earlier this year measures to halve acquisition taxes and scrap transfer taxes, and the parliament passed the revision last month………………………………………..Full Article: Source


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