Gyeonggi-do Recovers 2.3 Billion KRW Through Tax Audits of 8 Housing Cooperatives

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province has collected 2.3 billion KRW through tax audits on housing cooperatives.

Gyeonggi Province announced on the 9th that it conducted tax audits on eight housing cooperatives from March to May, uncovering eight cases of violations such as failure to report or underreport acquisition tax, and collected 2.3 billion KRW in local taxes that were not properly paid.

This tax audit was conducted on a total of eight cooperatives, including three reconstruction cooperatives in the province where apartments were recently completed and five local housing cooperatives, based on the view that there is a possibility of tax evasion and reporting errors due to the nature of housing cooperatives operating as one-time projects.

Five cooperatives, including Cooperative A in Hwaseong City, were found to have omitted reporting landscaping and option construction costs within apartment complexes or underreported cooperative operating expenses such as member recruitment fees, resulting in the collection of 1.8 billion KRW.

Two cooperatives, including Cooperative B in Uijeongbu City, were found to have paid taxes late after purchasing land and failed to report financial costs incurred during the funding process, resulting in acquisition tax of 400 million KRW being imposed.

Cooperative C in Pyeongtaek City was found to have used a temporary building as a model house for over a year without reporting acquisition tax, resulting in the collection of 100 million KRW.

A provincial official explained, "It was investigated that each detected housing cooperative failed to properly pay local taxes ranging from as little as 15 million KRW to as much as 1.5 billion KRW."

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