The authorities are paying close attention… Tax investigation of suspected expedient donations”
Planned to collect 110 billion won in real estate evasion tax in development areas
from October Restriction on property registration and new acquisition by public officials related to real estate
Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki speaks at the 31st Ministerial Meeting for Real Estate Market Inspection held at the Government Complex Seoul in Jongno-gu, Seoul on the 29th. Joint coverage photo 
Deputy Prime Minister Hong Nam-ki The Minister of Strategy and Finance announced, “We plan to launch additional tax investigations on 446 people, including those who are suspected of having received the acquisition funds as an expedient gift, as young people who lack the means to finance the purchase of a house.”
Deputy Prime Minister Hong held the 31st Ministerial Meeting for Real Estate Market Inspection at the Government Complex in Gwanghwamun, Seoul on the 29th. “Recently, the proportion of young people in their 20s and younger who acquire houses has increased significantly, so the authorities are paying close attention,” he said. He added, “In the future, the National Tax Service plans to separately disclose detailed investigation plans on expedient donations.”
Recently, the proportion of housing purchases under the age of 20 in Seoul was 6.1% as of the first quarter of this year, up 1.7 percentage points from the same period last year (4.4%). Deputy Prime Minister Hong also said, “Through a special investigation into real estate tax evasion in development areas such as the 3rd new town, a total of 828 people focused on accusations of expedient donations and planning real estate. Of these, we plan to complete the investigation of 463 people and collect about 110 billion won in tax evasion,” he said. He also emphasized, “We will respond as strictly as possible to acts that impede normal market operation, such as real estate tax evasion or expedient gifting, based on the operation of a regular reporting center and strengthening on-site crackdowns.” He also explained about the strengthened anti-speculation measures that will be implemented for public officials from next month. The government announced measures to eradicate speculation on March 29 to prevent recurrence of real estate speculation by LH employees and to eradicate real estate corruption.
accordingly From next month, public officials who perform related duties will be required to register their property regardless of their rank. In particular, LH, Saemangeum Development Corporation, Seoul Housing and Urban Corporation (SH), and Gyeonggi Housing and Urban Corporation (GH) are all employees of local corporations whose main function is real estate development.
Departments that are in charge of development and regulation related to real estate in other institutions, or that handle related information by conducting research and investigation Public officials are included in the list of property registration obligations. As a result of checking the status of the implementation of 20 tasks and 49 measures in celebration of the festivities, most of the tasks have already been completed or are in progress. We will do our best to ensure that the 15 laws currently in progress are also firmly enacted at this regular session of the National Assembly,” he said. He added, “I will continue to work hard to prevent illegal, unfair, speculative and disturbing acts in the real estate market.”
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