SEOUL, Oct. 9 (Korea Bizwire) – New data reveals that there are as many as 244 people who are minors “in charge of“ real estate leasing services in South Korea, and 23 of them were found to be high-income earners making more than 100 million won per year.
Kim Doo-kwan, a member of the finance and strategy committee at the National Assembly, received a list of minors registered for work insurance from the National Health Insurance Service (NHIS) to reveal his discoveries.
The list showed that 2,401 people registered for NHIS work insurance were minors under 18 years of age. Among the minors, 265 were listed as business heads, while others were listed as employees.
Of the 265 heads of businesses, those working in real estate amounted to 244 individuals, comprising 92.1 percent of the total. Others worked in public, social or private services (seven people); lodging and food businesses (five people); retail, wholesale and consumer goods repair services (three people); and logistics, stock and communications (three people).
The data revealed that there were 24 “underage millionaires” who made more than 100 million won per year, 23 of whom were working in real estate businesses. Overall, 265 underaged business heads made 38,680,000 won per year on average.
According to Kim, the highest income earner was found to be a six-year-old real estate owner who made approximately 388 million won per year. Another case starred a months-old toddler registered as the head of a leasing service making 1,400,000 won per month.
These “underage business people” are suspected to be the result of parents trying to avoid paying taxes.
Kim asked that attention be brought to “possible tax evasion by gifts or inheritance” in these cases, and that government officials ensure that “income taxes are being properly imposed on the actual asset holder.”
H.M. Kang (email@example.com)