Tax agency launches probes into 50 firms over misuse of corporate-owned homes
Korea's tax agency said Tuesday it has launched tax audits of 50 companies on suspicions their owners and family members used corporate-owned luxury homes for private purposes as part of tax evasion schemes. The National Tax Service (NTS) said the audits came after an earlier review found that owners and their family members had privately used 1,097, or 42 percent, of the 2,639 corporate-owned…
The Korea National Tax Service has initiated tax investigations into 50 firms, raising suspicions that their owners and relatives have utilized corporate-owned upscale residences for personal use as part of tax evasion strategies. This move follows an initial review that uncovered that 42% of the 2,639 corporate-owned residences surveyed - totaling 1,097 homes - were privately utilized by owners and their family members.
These properties, larger than 85 square meters with assessed values surpassing 900 million won, are subject to a comprehensive real estate holding tax. The tax agency has flagged the 50 companies for potentially violating tax regulations, involving a total of 1.9 trillion won in alleged irregularities. These firms are accused of providing family residences, circumventing multiple-home ownership and lending rules, and maintaining exclusive vacation properties.
For instance, one corporation bought a luxurious home in central Seoul worth over 20 billion won and subsequently invested an additional 10 billion won in corporate funds for expansion and interior renovations. Another company's involvement in this probe is also under scrutiny.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
