RESTITUTION OF DEVELOPMENT GAINS ACT

CHAPTER I GENERAL PROVISIONS

Article 1(Purpose) #

The purpose of this Act is to prevent speculation in land and promote the effective utilization of land by restituting development gains accruing from land and duly distributing them, thereby contributing to the sound development of the national economy.

Article 2(Definitions) #

The definitions of terms used in this Act are as follows: <Amended on Mar. 23, 2013; Jan. 19, 2016; Feb. 18, 2020>

1. "Development gains" means increases in land prices that are reverted to the landowner or a person executing the development projects (hereinafter referred to as "project operator") in excess of increases in normal land prices, due to the execution of development projects, changes to a land-use plan, or other social or economic factors;

2. "Development projects" means the projects under Article 5, such as housing site development or industrial complex development projects that are executed after obtaining authorization, permission, a license, etc. (including reporting; hereinafter referred to as "authorization, etc.") from the State or a local government;

3. "Increases in normal land prices" means the amount calculated in accordance with the standards prescribed by Presidential Decree in consideration of the interest rates on time deposits offered by financial institutions, or the average fluctuation rate of land prices surveyed by the Minister of Land, Infrastructure and Transport pursuant to Article 19 of the Act on Report on Real Estate Transactions, Etc. (referring to the average fluctuation rate of land prices in the Si/Gun or autonomous Gu where the area covered by the relevant development project is located);

4. "Development charges" means the amount imposed and collected by the Special Self-Governing City Mayor, the Special Self-Governing Province Governor, or the head of a Si/Gun/Gu (referring to the head of an autonomous Gu; hereinafter referred to as the "head of a Si/Gun/Gu"), among development gains, in accordance with this Act.

RESTITUTION OF DEVELOPMENT GAINS ACT

Article 1(Purpose) #

Article 2(Definitions) #

Article 3(Restitution of development gains) #

Article 4(Distribution of money collected) #

Article 5(Projects subject to imposition) #

Article 6(Obligors) #

Article 7(Exclusion from imposition and reduction or exemption) #

Article 7-2(Temporary special cases concerning reduction of, or exemption from, development charges) #

Article 8(Standards for imposition) #

Article 9(Base point) #

Article 10(Calculation of land prices) #

Article 11(Calculation of development costs) #

Article 12(Recognition of transfer gains tax amount as development costs) #

Article 13(Imposition rates) #

Article 14(Determination and imposition of charges) #

Article 14-2(Adjustment of charges) #

Article 15(Notices of payment) #

Article 16(Additional collections) #

Article 17(Prescriptions) #

Article 18(Payment) #

Article 18-2(Partial refund of development charges) #

Article 19(Collection before payment deadline) #

Article 20(Postponement of payment and payment in installments) #

Article 21(Demands for payments and surcharges) #

Article 22(Disposition on default) #

Article 23(Write-off) #

Article 24(Obligation to submit data) #

Article 25(Notification of data) #

Article 26(Special cases of administrative appeals) #

Article 27 #

Article 28(Penalty provisions) #

Article 29(Administrative fines) #