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Tax agency conducts highest number of audits on real estate deals in 2017
By YonhapPublished : Oct. 8, 2018 - 09:26
The tax agency conducted nearly 4,600 audits on real estate transactions last year, the most in four years, an analysis by a lawmaker's office showed Monday, an indication of the government's strident policy to rein in properties speculation.
Data provided by the office of main opposition legislator Park Myung-jae said the National Tax Service (NTS) audited 4,549 cases of real estate deals and collected 510.2 billion won ($451.3 million) in unpaid taxes and penalty fees.
The number of audit cases is the highest since 5,046 in 2013.
The sum of levied taxes has stayed close to 500 billion won through the years.
The increase in audits and collected taxes for transfer taxes initiated by tips was especially high, according to the data.
The number of tips received last year, 2,115, was nearly four times more than the 554 of 2010. Levied taxes from the discovered cases jumped to 98.9 billion won last year from 11.1 billion won in 2010.
The NTS has been scrutinizing high-rent property deals since
2013 to prevent illegal wealth transfers from parents to children.
Data showed the tax agency last year discovered 101 such transfers and collected 20.4 billion won in unpaid taxes and due penalty fees. It was the first time the number of cases exceeded 100. (Yonhap)
