SEOUL, Aug. 19 (Korea Bizwire) — South Korea’s tax agency said Thursday it has launched probes into suspected tax evasion by 97 young people who acquired houses through undue wealth transfers from their parents.
The National Tax Service (NTS) said it has conducted a crackdown on underaged people who own expensive apartments and houses even though they have no ability to earn money.
The probe came as cases of house acquisition by people aged under 20 markedly increased despite an overall decline in housing transactions.
Amid heavy property-related tax burdens, more people transferred the ownership of some of their houses to their children instead of selling homes.
The NTS said it will track down financial flows of the suspected tax dodgers and look into any alleged tax evasion.