Lee praises FTC but calls fines insufficient

Mar 24, 2026, 10:03 am

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President Lee Jae-myung speaks during a cabinet meeting at the Blue House. / Yonhap News

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A screenshot of President Lee Jae-myung’s post on X (formerly Twitter).

President Lee Jae-myung expressed interest in comparing property tax levels between South Korea and major global cities, while also praising the Fair Trade Commission (FTC) for its recent enforcement actions.

On March 23, Lee shared an article on social media comparing property tax levels in major cities such as New York, London, Tokyo, and Shanghai, commenting, “I was curious as well.”

Earlier, presidential policy chief Kim Yong-beom had said in a media interview that the government is studying property tax systems in major global cities. The article Lee shared also focused on comparing those cities’ tax levels.

Lee also commented on the FTC’s recent sanctions, saying, “The Fair Trade Commission is doing a good job. I thank the hardworking public officials,” while adding that “the size of the fines is not that large. Although they may have imposed the maximum allowed by law, there is still some room for improvement.”

His remarks referred to the FTC’s decision to impose corrective measures and a fine of 967 million won on Shinjeon Foodsys, the operator of the Shinjeon Tteokbokki franchise.

According to the FTC, Shinjeon Foodsys unfairly restricted its franchisees by requiring them to purchase 15 types of supplies, such as chopsticks, through designated channels and sending notices threatening disadvantages if they failed to comply.

Lee’s comments highlight both his interest in tax policy comparisons with advanced economies and his support for stricter enforcement of fair trade practices, while signaling that penalties may need to be strengthened further.

#Lee Jae-myung #property tax #global cities comparison #Fair Trade Commission