The parliamentary finance committee on Thursday passed a bill aimed at easing the comprehensive real estate holding taxes for short-term owners of two homes and senior and long-term holders of a single unit.
The bill will likely garner bipartisan approval at a plenary session next Wednesday after a review by a legislative committee.
The ruling People Power Party(PPP) and the main opposition Democratic Party(DP), however, failed to narrow differences on the size of the tax deduction for single-home owners.
The PPP sought to lower the comprehensive taxation for owners of single homes to the 2020 levels, which the DP opposed on the grounds that it would lower taxes for the rich. The PPP proposed a compromise, but was rejected.
Source: KBS World Radio