BUSINESS

Tax office launches probe into 286 real estate-related tax dodgers

By Catherine Chung
  • Published : Aug 9, 2017 - 13:29
  • Updated : Aug 9, 2017 - 13:29
South Korea's tax office said Wednesday that it has launched a probe into 286 people suspected of evading taxes through illegal real estate transactions as part of the government's drive to curb property market speculation.

Last week, the government announced stricter measures to stabilize the country's overheated housing market around the capital city of Seoul and its surrounding areas. It imposed an effective ban on bank loans given to multiple-home owners and forbid people from reselling an apartment purchase right, along with heavier taxes against real estate transactions.

(Yonhap)

The National Tax Service said it is looking into multiple-home owners and wealthy people who allegedly falsified housing transaction information such as the exact price and name of buyer and seller to evade transfer income taxes.

Real estate agents who encouraged people to engage in illegal real estate transactions and earn more profits are also on the crackdown list, it added.

The agency said it will check all financial records of the suspects and even their family members.

"We will mobilize a 371-member special team to focus on cracking down on tax dodgers and keep close contact with other related government agencies," said the NTS. (Yonhap)