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S. Korea begins tax probe on foreigners who own multiple homes Updated: 2020-08-03 17:05:36 KST


A 40-something U.S. citizen has purchased 42 homes, worth a total of five.six million U.S. dollars, since 2018.
The National Tax Service says that while renting out the homes over the years, they underreported the rental income to evade income taxes.
In another case, the NTS says a Chinese national with a student visa failed to report rental income on the eight houses they own.
Based on these activities, South Korea's tax authorities have launched a tax probe against 42 foreigners who own multiple homes.
The NTS plans to collect evaded taxes and file tax evasion data to tax authorities in their home countries.
According to the National Tax Service, one,36 foreigners bought two or more homes between 2017 and this May.
And almost one third of the 23-thousand homes owned by foreigners in the country were not for actual dwelling purposes.
As house prices hit unattainable levels, the government has been cracking down on speculative buying of multiple homes, both by foreigners and locals.
To tame the country's soaring housing prices, yet another round of housing market related measures are set to be rolled out as early as Tuesday.
In a closed-door meeting Sunday, the ruling Democratic Party, the government and presidential office reportedly decided to create 100-thousand new homes.
Kim Dami, Arirang News.
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