Seoul: President Lee Jae Myung on Monday suggested that the government could consider exempting owners of multiple homes from heavier capital gains tax until May 9, in an apparent effort to give them more time to sell their properties before the tax exemption expires. Under the revised law, the government will impose heavier capital gains tax on owners of multiple properties starting May 9. Market watchers said owners need to begin selling their properties this month to complete their transaction before the deadline.

According to Yonhap News Agency, Lee said during a Cabinet meeting that the government could consider allowing applications for tax relief by May 9, as the temporary exemption for multi-homeowners is currently set to expire on that date for transactions that are fully completed. He noted that many people understand both the approval and contract must be completed by then, but the time required for approval applications and review effectively makes property sales difficult after mid-April.

"I'm not sure there's a need to approach it that way. While maintaining the deadline, we could consider allowing cases where applications are submitted by May 9," Lee said.

President Lee Jae Myung on Monday suggested that the government could consider exempting owners of multiple homes from heavier capital gains tax until May 9, in an apparent effort to give them more time to sell their properties before the tax exemption expires. Under the revised law, the government will impose heavier capital gains tax on owners of multiple properties starting May 9. Market watchers said owners need to begin selling their properties this month to complete their transaction before the deadline.

Lee said during a Cabinet meeting that the government could consider allowing applications for tax relief by May 9, as the temporary exemption for multi-homeowners is currently set to expire on that date for transactions that are fully completed. He noted that many people understand both the approval and contract must be completed by then, but the time required for approval applications and review effectively makes property sales difficult after mid-April.

"I'm not sure there's a need to approach it that way. While maintaining the deadline, we could consider allowing cases where applications are submitted by May 9," Lee said.