Kwanghyun Lim: "Acquiring Homes with Business Loans Is Clear Tax Evasion... We Will Conduct Thorough Verification"

Stated on His Social Media

"We Will Take Strict Action if Tax Evasion is Confirmed"

Kwanghyun Lim, Commissioner of the National Tax Service, stated on the 19th, "Diverting business loans for the purchase of personal residences and treating the related loan interest as business expenses is a clear act of tax evasion."

Kwanghyun Lim, Commissioner of the National Tax Service. The Asia Business Daily DB

On this day, Commissioner Lim made these remarks by posting an article titled "We Will Take Strict Action Against the Misuse of Business Loans for Unauthorized Purposes" on his X (formerly Twitter) account.

Commissioner Lim pointed out, "An analysis by the National Tax Service of the funding plans submitted during the process of home purchases in the second half of last year showed that the overall amount of 'other loans,' including business loans, increased significantly." He added, "Business loans are originally intended to raise funds necessary for business operations."

Commissioner Lim emphasized the agency's strict stance on the misuse of business loans. He said, "The National Tax Service will thoroughly verify all cases where business loans are listed in funding plans," and added, "If any suspicions of tax evasion are confirmed, we will take strict action."

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