Seoul: The Cabinet on Tuesday approved revisions to enforcement decrees that will exempt owners of multiple homes from higher capital gains taxes if they file for sales permits by May 9. Under these revisions, homeowners in designated speculative areas will avoid the heavier tax if they apply for land transaction permits before the deadline.

According to Yonhap News Agency, the initiative follows President Lee Jae Myung's proposal to extend the timeframe for property sales before the tax exemption concludes. This consideration acknowledges the period required to secure a land transaction permit, providing homeowners additional time to comply.

The heavier taxation, previously deferred during President Yoon Suk Yeol's administration, is set to return after a nearly four-year hiatus. It includes a significant tax rate of up to 75 percent on capital gains from sales by multiple-property holders in speculative zones, particularly within the capital region. This policy aims to curb the escalation of housing prices, aligning with the government's broader housing market stabilization efforts.