Finance Minister Kim Dong-yeon says the government may consider lowering property transaction taxes if the public feels burdened about a property tax hike. 

Kim made the remark in a meeting with reporters on Wednesday, noting the government needs to take a gradual approach to raising comprehensive property tax, while considering its impact on the market. 

Concerns were raised about the higher tax burden after the presidential committee for fiscal reform proposed a set of measures on Tuesday to enhance South Korea’s financial stability, including slowly raising the comprehensive property tax and abolishing or reducing tax benefits on income stemming from the leasing of property. 

Kim declined to comment on the committee’s recommendations, saying it is too early to do so, but added the advice on comprehensive financial income tax needs further review. 

The minister revealed the government will announce its stance on comprehensive property tax on Friday.