South Korea's unicameral national legislature, which passes laws, approves budgets, and oversees government policy, including taxation.
Korea's tax arrears under collection rose 2.5-fold to 24.1 trillion won between 2020 and June, National Tax Service data show. The number of people owing grew far more slowly, so most of the increase comes from bigger unpaid balances per debtor.
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South Korea will open a fresh contest for 4.7 trillion won ($3.49bn) of proposed frontier AI equity, ending automatic support for its two finalists. The money arrives as equity in a vehicle not yet designed, so the next round is also a fight over who owns it.
Perspective Coverage
3 publishersReality
Base property tax on top complexes in Nowon, Dobong and Gangbuk rises 76.1% by 2030 in KB Kookmin Bank's simulation, against 46.6% in the Gangnam area. Against the roughly 48% price gain the model assumes, northern bills grow faster than the homes they tax, while Gangnam-area bills keep pace.
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Korea will cut the Onnuri voucher's upfront discount to 5% and pay up to 5% more at traditional markets, on issuance trimmed to 4.6 trillion won. With 65% of redemptions already at markets, much of the rebate pays for spending the program already had.
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South Korea's government wants authority to move a tax windfall of more than 60 trillion won into a new fund while the Bank of Korea is raising rates. Whether the money repays deficit bonds or feeds fund spending will help decide how far rates have to rise.
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Lee Hyung-il's written answers for his confirmation hearing place the next easing for non-resident single-home owners in a presidential decree the government can amend without a vote in the National Assembly.
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Lee Hyoung-il told the National Assembly that virtual assets belong in the other-income category and that the National Tax Service will publish the operative rules by the end of this year, while capital gains taxation of securities waits for calmer markets.
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A petition for a two-year delay reached the National Assembly's Strategy and Finance Committee with 51,004 names, and the finance minister nominee has told the committee that starting the 22% levy in January 2027 is desirable.
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The 2026 revision, before parliament since Sept. 3, would pay the one-home long-term deduction at 8% for each year of residence, drop years of ownership entirely in 2029, and cap the deduction at 1 billion won.
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The Prosecution Service is abolished in under two weeks. Its two successors are still waiting on a justice minister, a prosecutor general and a first commissioner, and on an organizational plan nobody has signed.
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The Korea Federation of SMEs wants subcontracting and mutual cooperation invoices settled in 30 days instead of 60, a right for small business cooperatives to demand negotiations, and a fair dealing law covering online platforms.
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Bills before the National Assembly's National Policy Committee would cap food delivery commissions. The Seoul Economic Daily puts brokerage at about 7.8% of an order and calls riders' delivery charges the bigger cost to owners.
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The trade ministry takes the program to two National Assembly committees behind closed doors on the 22nd, five days later than planned, with a Texas gas plant, large reactors and Alaska LNG on the agenda.
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Two weeks after being named minister of gender equality and family, Yong Hye-in gave up the nomination at a National Assembly news conference on the 13th and said she will go back to her work as a lawmaker.
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The 2021 exemption for jointly titled single-home owners saves one 63-year-old couple 248,000 won and would cost a 49-year-old couple 5.28 million, so the National Tax Service will now calculate it and refund past overpayers.
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The National Tax Service says its review found about 5,700 taxpayers who should apply for the joint-owner option and about 2,900 who should cancel it, and it will bill each of them at the cheaper figure in November.
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A bill to carve residential land out of Yongsan Park is before the National Assembly, and the urban planner arguing against it puts the alternative at 500,000 to 1 million homes around Seoul's subway stations.
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A plenary vote on the 26th would clear Camp Kim for apartments, but MOLIT and Seoul still disagree over the park itself, and that split is what sets the supply timeline.
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Seoul plans to park above-trend tax revenue in a Future Response Fund for AI and advanced industry, estimated at a minimum of 100 trillion won next year, with 20% reallocation latitude.
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The 20.79% share of domestic taxes goes away after 55 years. Grants will track nominal growth with demographic decline counted at 35%, and the gap flows to a new Future Response Fund.
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