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Property and residence taxes on foreigners in Seoul up 30% from four years ago

Collected: 2016.12.16

Distributed: 2016.12.19

Source: Go Direct

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Taxes from foreign residents have jumped as more and more live longer in Seoul and purchase real estates here, according to the city administration.

The Seoul Metropolitan government reported Thursday it levied property taxes on 45,295 cases so far this year, up 31.5 percent from 34,442 in 2012. Tax bill reached 13.1 billion won ($11 million) this year from 10.2 billion won four years ago. Levy on home purchases increased 38 percent to 32,055, on buildings 21% to 7,465 and on lands 15% to 5,775.

By nationality, Taiwanese topped the list at 5,827 as many have lived in Seoul for a long time, followed by Chinese whose cases jumped from 793 in 2012 to 4,094 this year, according to Seoul city.

The city charged 97,921 in local taxes including residence tax and auto tax on foreigners amounting to 16.9 billion won and collected 15.7 billion won. Tax levies on foreigners rose 29 percent and collection also up 19 percent from four years ago. The city charged taxes on Chinese nationals the most at 35,026, trailed by Taiwanese at 9,319 and Americans at 7,071.

By Kim Je-gwan

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