NTS: Real Estate Tax Evasion Reporting Rewards Up to 4 Billion Won

The National Tax Service (NTS) announced on April 9 its reward system for reporting tax evasion, aiming to create a real estate market free of tax evasion. An NTS official stated, "Real estate tax evasion often occurs covertly in private settings, such as transactions between parents and children, making it difficult to detect such evasion from the outside." The official added, "Since there are limits to what the tax authorities can uncover on their own, it is very important to raise public awareness and encourage voluntary participation from the general public."

In response, the NTS established a separate 'Real Estate Tax Evasion Reporting Center' in October last year to collect reports of tax evasion from the public. Since its launch, a total of 780 reports had been received as of the end of last month.

The NTS analyzes the reported cases in conjunction with its internally held tax data to meticulously investigate any suspicions of tax evasion. If tax evasion is confirmed, the NTS plans to conduct thorough tax audits and collect any evaded taxes without exception.

Reports of real estate tax evasion submitted to the reporting center can also provide crucial information. If a report leads to the collection of evaded taxes, the NTS grants a reward of up to 4 billion won according to relevant laws and regulations.

The NTS expects that active reporting and voluntary participation from the public will be the starting point for eradicating real estate tax evasion and play a key role in establishing a fair tax order and normalizing the real estate market.

An NTS official commented, "We urge people to report not only tax evasion in real estate transactions, but also brokers, YouTubers, and other speculative actors suspected of illegal profit-making activities such as price collusion or market manipulation. If there are indications of tax evasion, please report them proactively." The official continued, "The NTS will continue to strictly protect the identities of whistleblowers, and all reports will be handled rigorously and with zero tolerance."

This content was produced with the assistance of AI translation services.