Land Transaction Permit Rush Hits District Offices Before Capital Gains Tax Surcharge Returns

As the capital gains tax surcharge on multiple-home owners returned on the 10th, applications for land transaction permits continued until the 9th, the final day of the surcharge suspension. Some district offices in Seoul and Gyeonggi were crowded from Saturday morning as applicants moved to file at the last minute. For transactions requiring land transaction approval, the permit process overlapped with the timing of the tax surcharge’s reinstatement, concentrating demand before the grace period ended. The surge shows how changes in the tax burden for multiple-home owners can immediately affect real estate transaction procedures. Source: mk.co.kr