PM MENTIONS BUSINESS COMPENSATION

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Prime Minister Kim Boo-kyum told KBS the government could consider providing compensation even to businesses that are not subject to the gathering ban if their losses are found to be significant. He added the comprehensive real estate holding tax could be lowered for households that reside in their homes for a long time.

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Prime Minister Kim Boo-kyum says he agrees with the sentiment that businesses that have sustained losses during the pandemic must be compensated. He added, however, that because funding is limited, public consensus is needed on what kind of businesses should be eligible for compensation.

[Soundbite] Kim Boo-kyum(Prime Minister) : "Bars and clubs are subject to the gathering ban. We can't ignore public opinion. We should also consider compensation for businesses that have sustained enormous losses such as tour agencies."

The prime Minister elaborated on the possibility of adjusting the capital gains tax, which is aimed at preventing real estate speculation. While keeping the fundamental principle in tact, the real estate taxes could also be adjusted for long-term homeowners who reside in their properties for a long time.

[Soundbite] Kim Boo-kyum(Prime Minister) : "We are considering applying flexible rates to the elderly and retired homeowners when charging the comprehensive real estate holding tax. Taxes can also be deferred when selling properties."

The prime Minister said the government will soon select members of a ministry to be in charge of cryptocurrency policies. It will be based on examples from other countries like Singapore. The South Korean government's stance on cryptocurrency issues will be announced accordingly.

[Soundbite] Kim Boo-kyum(Prime Minister) : "The value of Bitcoin plunged 15 percent overnight just because of what Tesla's Elon Musk said. That's too volatile. One thing is for certain. We will ensure that."

Kim vowed government support for those who experience adverse effects after vaccination, except for those cases where there is insufficient evidence of causality. He warned against misinformation on vaccine safety and urged the public to get inoculated.