Assemblyman Kim Hoe-jae: "Real Estate Rental Corporations Earned 453 Trillion Won in the Last 5 Years"
Top 1% Real Estate Rental Corporations Earn 67.5 Trillion KRW Last Year, Pay Only 1.5 Trillion KRW in Taxes
Rep. Kim: "Measures Needed to Prevent Corporate Real Estate Speculation"
The income of real estate rental corporations over the past five years has reached 453 trillion won.
On the 8th, Kim Hoe-jae, a member of the Democratic Party of Korea, analyzed the 'Real Estate Rental Corporation Income Percentile Data' submitted by the National Tax Service, revealing that from 2016 to 2020, the income of corporations primarily engaged in real estate rental business amounted to 453.3008 trillion won.
The total income of real estate rental corporations recorded 72.3097 trillion won in 2016, increasing to 84.6065 trillion won in 2017, 98.5954 trillion won in 2018, and 99.7286 trillion won in 2019. However, it slightly decreased to 98.0606 trillion won last year.
The number of real estate rental corporations has been steadily increasing. It rose from 34,806 in 2016 to 39,414 in 2017, 43,698 in 2018, 45,080 in 2019, and reached 54,208 last year.
The income of real estate rental corporations was concentrated among the top tier. As of last year, the income of the top 1%, corresponding to 542 real estate rental corporations, was 67.4812 trillion won. This accounts for 68.8% of the total real estate rental corporation income of 98.0606 trillion won in the same year. The total tax burden of the top 1% real estate rental corporations was analyzed to be 1.4799 trillion won.
The income of the top 10%, corresponding to 5,420 real estate rental corporations, was analyzed to be 92.1227 trillion won, accounting for 94% of the total real estate rental corporation income. The total tax burden of the top 10% corporations was 2.2978 trillion won.
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Representative Kim stated, "While citizens and young people suffer from high rent, real estate rental corporations are experiencing a super boom," emphasizing, "Measures to prevent speculative activities by corporations in real estate must be established."
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