Seoul: The main opposition People Power Party (PPP) on Tuesday criticized the government's proposed tax code revisions, accusing the Lee Jae Myung administration of increasing the burden on property owners through higher taxes.

According to Yonhap News Agency, the criticism follows the finance ministry's announcement of new tax code revisions aimed at imposing a heavier tax burden on owners of high-end homes and homeowners who do not reside in their properties. The PPP argues that these revisions are irresponsible measures designed to compensate for budgetary shortfalls at the expense of citizens' livelihoods.

Rep. Jung Hee-yong, the PPP's secretary-general, expressed his discontent through a Facebook post, labeling the proposal as a misguided attempt to extract more money from the public. PPP floor leader Jeong Jeom-sig further criticized President Lee, accusing him of backtracking on his previous stance against using taxes as a tool to control housing prices.

Jeong highlighted that the proposed tax hike simultaneously raises property holding and transaction taxes, disregarding the OECD's recommendations to lower transaction taxes if property taxes are increased. He warned that this additional tax burden would be passed onto tenants in the form of higher monthly rents and "jeonse," a unique South Korean rental system.

Rep. Choi Eun-seok, the PPP's senior floor spokesperson, described the current administration as an "amateur government" for its approach to real estate taxation, urging President Lee to acknowledge the failure of his housing policies and issue a public apology. Choi criticized Lee's comparison of real estate taxes to a "nuclear bomb," calling it an absolute bluff.

The government's proposal seeks to introduce a more "reasonable" tax system for the property market amid the country's rising housing prices. A key change in the revision involves restructuring the comprehensive real estate holding tax, where tax rates will be based on the total value of homes owned rather than the number of homes owned. Additionally, the government plans to ease the tax burden on single-home owners who reside in their properties by raising tax exemptions.