Hong Nam-ki: "446 Tax Investigations on Suspected Under-20s 'Housing Illegal Gift Transfers'"

The 31st Real Estate Market Inspection Meeting of Relevant Ministers

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki is delivering opening remarks at the 31st Real Estate Market Inspection Meeting of Related Ministers held at the Government Seoul Office in Jongno-gu, Seoul, on the 29th. Photo by Kim Hyun-min kimhyun81@

[Sejong=Asia Economy Reporter Son Seon-hee] The government has launched a tax investigation into 446 homebuyers aged 20 and under whose sources of real estate purchase funds are suspected. They plan to investigate allegations of illicit gifting methods, such as buying homes under their own names using money received from their parents.

On the 29th, Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, chaired the 'Real Estate Market Inspection Meeting of Related Ministers' at the Government Seoul Office and said, "The proportion of home acquisitions by minors aged 20 and under has recently increased significantly, and the tax authorities are closely monitoring trends related to illicit gifting," adding, "The National Tax Service plans to launch additional tax investigations into acquirers suspected of receiving illicit gifts."

The proportion of home acquisitions by those aged 20 and under, which was 4.4% in the first quarter of last year (based on Seoul), rose to 6.1% in the first quarter of this year and further increased to 6.9% in the second quarter. Despite the sharp rise in Seoul housing prices, the share of home acquisitions by minors has increased. The National Tax Service is expected to announce detailed investigation plans related to illicit gifting soon.

On the same day, the government announced that, in response to the land speculation scandal involving some employees of the Korea Land and Housing Corporation (LH), it has verified a total of 828 people related to real estate tax evasion and will recover approximately 110 billion KRW in evaded taxes by the end of last month. So far, 463 people have been investigated, and investigations into the remaining 365 are ongoing.

Deputy Prime Minister Hong emphasized, "We will strictly respond to acts that hinder the normal functioning of the market, such as real estate tax evasion and illicit gifting, through year-round operation of a permanent reporting center and strengthened on-site crackdowns."

This content was produced with the assistance of AI translation services.