Multiple-homeowner capital gains surtax returns as last-minute permit filings continue

South Korea reinstated the capital gains tax surcharge on multiple-home owners from May 10, prompting last-minute transaction activity through May 9, the final day of the surcharge suspension. According to a Yonhap News report from Seoul, multiple-home owners rushed to submit land transaction permit applications in an effort to avoid the heavier capital gains tax, and filings continued even over the weekend. The activity reflected the pressure created by the end of the temporary relief period and the return of the tax rule. The market viewed the rush as a concentration of permit applications just before the system was restored. Source: yna.co.kr