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2 clusters · 6 sources · 5 days · First seen · Last updated

South Korean minor real estate and tax concerns

Overview

Concerns have emerged regarding the involvement of minors in real estate and business ownership in South Korea, raising suspicions of tax evasion and irregular wealth transfers.

In Incheon, investigations have highlighted instances where minors are registered as business representatives, particularly in the real estate and rental sectors. Reports indicate that some minors receive identical monthly salaries, while one 16-year-old representative earned an annual income exceeding 220 million won. Lawmakers have called for investigations into whether these structures are being used for illegal gift-giving or income splitting to reduce tax burdens.

Parallel data shows a significant rise in property acquisitions by minors. Home purchases by individuals aged 0 to 19 increased nearly twofold compared to the previous year, with a total purchase amount of approximately 23.1 billion won. A majority of these transactions occurred in Seoul. While many minors reported using ‘self-funded’ sources such as savings and stocks, officials have raised alarms regarding potential gift tax evasion or the misuse of corporate funds.

Entities

Ministry of Land, Infrastructure and Transport · National Health Insurance Service · South Korea · Hwang Hee · Heo Jong-sik

Claims

What the coverage asserts, and how many sources carry each claim.

Timeline

  1. [BUSINESS] 3 sources
    South Korea minor home purchases rise nearly twofold

    Home purchases by minors in South Korea rose 1.8 times compared to last year, with over half of the funds reported as self-funded, prompting concerns over potential irregular gift tax evasion.

  2. [POLITICS] 3 sources
    Incheon minors registered as business owners spark tax evasion concerns

    South Korean lawmaker Heo Jong-sik flagged concerns in Incheon where minors are registered as business owners, potentially to evade taxes or facilitate illegal wealth transfers through identical salary payouts.

Sources

biz.heraldcorp.com · incheonilbo.com · jnilbo.com · joongboo.com · kyeonggi.com · mbn.mk.co.kr