National Tax Service Conducts Tax Audits on 3,000 Individuals for Dishonest Reporting of Rental Income

Focused Inspection on Tax Evasion Mainly Targeting High-Price and Multi-House Rental Business Operators

[Asia Economy Reporter Kwangho Lee] On the 10th, the National Tax Service announced that it will conduct tax audits on 3,000 individuals suspected of underreporting housing rental income.

The National Tax Service is continuously strengthening tax source management by expanding the scope of audits on those suspected of underreporting to strictly respond to housing rental income evasion.

This year, all high-priced and multi-home rental business operators were analyzed through computer systems, and 3,000 high-income rental business operators with a high suspicion of underreporting (an increase of 1,000 from the previous year) were selected for audits.

In particular, special inspections will focus on business operators renting houses to foreigners, high monthly rent landlords, and those suspected of evasion based on big data analysis.

The National Tax Service stated, "We will further strengthen tax audits on high-priced and multi-home rental business operators suspected of evasion and continuously expand the tax base to actively guide sincere income tax reporting."

They added, "We ask taxpayers to fulfill their tax obligations faithfully with the awareness that 'sincere reporting is the best tax saving'."

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