CFO calls for tough action on property tax avoidance


SEOUL, 17 Jan. (Yonhap) — Finance Minister Hong Nam-ki on Monday called for tough action against tax evasion related to real estate transactions as he renewed the government’s commitment to stabilize the housing market this year.

Hong made the remarks during his meeting with heads of the country’s four major agencies under the Ministry of Finance – the National Tax Service (NTS), Korea Customs Service, Public Procurement Service and Statistics Korea.

“As this year is an important turning point in stabilizing the housing market, the tax agency should take tough action against tax evasion on real estate transactions,” Hong told NTS chief Kim Dae-ji.

He also called on the agency to continue delaying the payment of certain taxes and providing tax support to small traders and businesses hit hard by the COVID-19 pandemic to ease their burdens.

Last year, the NTS launched a series of investigations into suspected tax evasion by hundreds of people who sought to profit from speculative or illegal property deals following a land speculation scandal involving officials of Korea Land and Housing Corp. (LH), the public real estate developer. .

Hong also called on the customs agency to speed up the clearance process for key industrial materials and set up a system to quickly respond to a shortage of imported goods.

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