National Tax Service Commissioner Lim Gwang-hyeon said on the 19th that the agency will scrutinize all cases listed as business loans in the (dwellings purchase) funds source plan and will respond sternly if tax evasion is confirmed.
Lim, the Administrator, said this on X (formerly Twitter) the same day, noting, "We will respond sternly to the misappropriation of business loans for nonbusiness purposes," and stated accordingly.
Lim said the National Tax Service analyzed the funds source plans submitted during the process of purchasing dwellings in the second half of last year and found that the overall scale of loans, including business loans and other loans, increased considerably.
According to the National Tax Service analysis, other loans, including business loans, recorded in the funds source plans amounted to about 2.3 trillion won in the second half of last year. That is a 36% increase from the same period a year earlier.
Lim, the Administrator, said, "Business loans are originally intended to raise funds necessary for business operations," adding, "Diverting them to acquire a private dwelling and treating the related loan interest as a business expense is clearly tax evasion."