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According to Yonhap News,
(JEJU ISLAND=Yonhap News) Real estate acquisition taxes collected last year in the southern island of Jeju increased by more than 50 percent compared to a year before on the back of a real estate boom, data showed Thursday.
The Jeju provincial government said it collected 340.2 billion won (US$275.2 million) in acquisition taxes in 2015, a 53.4 percent increase from 2014 when it raked in 221.7 billion won.
The provincial government attributed the hike in property acquisition taxes to growing interest inside and outside of the country in the resort island as it has become one of the must-see tourist sites in South Korea, with more than 12 million tourists visiting the island per year.
"We had many real estate transactions last year affected by speculators, resulting in a big increase in property acquisition taxes," said Chae Jong-woo, a tax official at the Jeju provincial government.
The Jeju provincial government has seen a gradual increase in property acquisition taxes since 2009, when it had collected 74.1 billion won from real estate transactions, which has climbed by 4.6 times over the past six years to reach 340.2 billion won last year.
Property acquisition taxes are local taxes that are directly used to finance local governments.
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Source: Yonhap News (Feb. 25, 2016)