Jangsu-gun Intensifies Crackdown on Illegal Real Estate Transactions

Jangsu County Office building.

[Asia Economy Honam Reporting Headquarters Reporter Go Dallyoung] Jangsu-gun recently announced on the 11th that it will intensively crack down on false reporting of real estate transaction prices (up/down transaction contracts) illegally occurring during land and housing transactions.

From today until the 30th of next month, the county will focus on investigating areas where transaction report prices are suspected to be false among real estate transaction report details, or where transaction report suspicions have been raised through civil complaints or media reports.

Down contracts are carried out for tax evasion purposes to reduce the seller's capital gains tax and the buyer's acquisition tax burden, and if caught, penalties of up to 5% of the acquisition price and tax collection by the tax office may be imposed.

Through this crackdown, the county plans to induce voluntary reporting by the initial reporters such as sellers and buyers through penalty reductions for suspected illegal transaction contract activities, and if refused, request tax investigations from the National Tax Service and impose strong administrative measures such as fines upon confirmation of illegal activities.

Director Kim Jinki said, "False reporting of real estate transaction prices is an act of deliberately avoiding the tax payment obligation, one of the four major duties of citizens," and added, "We will strive to eradicate it through continuous investigations."

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