NEWS BRIEF

[Anchor Lead]

The government convened today a vice ministers’ meeting to discuss utility fee adjustments in the fourth quarter. Given the current inflation rate, the vice ministers of relevant ministries agreed to freeze public utility charges until the year’s end, except for some utility rates that have already been raised. The Ministry of the Interior and Safety plans to work together with local governments to oversee the freeze of utility fees set locally, such as gas, water and sewage, transportation, and trash bags, in the fourth quarter.
Deputy Prime Minister Hong Nam-ki noted at a ministers’ meeting held in Seoul today that an increasing number of people younger than 20 is buying homes recently and that tax authorities are watching out for irregular property gifts and other illegalities. People under 20 years old accounted for 4.4% of all home buyers in Seoul in the first quarter of 2020, but the percentage rose to 6.9% in the second quarter of this year. Minister Hong added that the National Tax Service plans to launch tax audits on 446 home buyers under the age 20 who are not financially capable of buying homes and thus are suspected of receiving the money to buy homes through irregular means.