Im Gwang-hyun, the Commissioner of the National Tax Service, emphasized that he will "track down tax evasion practices that exacerbate instability in the real estate market and collect taxes without exception."
On the 7th, Im noted at the government Seoul office that he would prevent the perception that individuals can illegally transfer or accumulate assets while avoiding taxes through real estate.
The National Tax Service designated areas such as Gangnam, Yongsan, and Yeouido, where price increases are expected due to redevelopment and reconstruction, as intensive management targets. The seven regional offices across the country are operating information collection teams to swiftly identify transaction flows and tax evasion circumstances.
Im stated, "If evidence of tax evasion emerges, I will initiate tax investigations promptly to avoid missing the golden time for market stabilization." In particular, in areas with a high concentration of expensive dwellings such as the four districts of Gangnam and Mayongseong (Mapo, Yongsan, Seongdong), there will be a plan to comprehensively verify transactions not only for ultra-high transactions exceeding 3 billion won but also for transactions with unclear sources of funds.
He also warned that as funding becomes difficult due to stricter lending regulations, there has been an increase in cases where some wealthy individuals are providing informal support for acquisition funds to their children, stating, "I will conduct stricter inspections on minors, new social entrants, and those in their 30s purchasing high-priced apartments."
If signs of tax evasion funds from enterprises lead to real estate acquisitions, the investigation scope will be expanded to include the respective enterprises. As there are concerns about discrimination against foreigners and market disruptions, plans include proceeding with second and third rounds of investigations this year, following the first tax investigation.