Omission, double deduction, etc.
Tax verification of 1,822 people accused of evading the National Tax Service
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#. Child A, who was gifted by his father for an expensive apartment, reported that he had also taken over the father’s financial debt secured by the apartment. However, as a result of performing debt management after the debt repayment history, it was confirmed that the father continued to repay the interest and principal related to the financial debt even after receiving the gift. The National Tax Service added a gift tax of hundreds of millions of won, pretending to have taken over the child’s debt even though the child did not take over the actual debt.
On the 2nd, the National Tax Service announced that it has selected 1,822 suspects for evaluating tax irregularities by analyzing the process before and after donation from’acquisition’ to’gift’ and’afterwards’ of the donation house as subjects for tax verification. Last year, the number of home donations reached a record high of 152,000 cases, and the National Tax Service drew a knife for anomalous evasion related to the donation of housing, such as the trick gift of writing a fake charter contract.
Among those who were selected for tax verification, 1,176 suspected of reporting insincerity who omitted the summation of other gifted property when filing the gift tax for housing and double reported the deduction for gifted property. When calculating gift tax, if the value of other gifted property received from the same person within 10 years is 10 million won or more, it must be summed up and reported.
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There were 531 people who did not report the sale price of similar homes (the value of similar trading cases) at the market price, but reported at a low price at the public price. An apartment, etc., should be given and reported at the’market price’ reflecting the real economic value, but it was underreported at the published price with the intention of lowering the gift tax. If you have made a low-cost report, you must make a correction and pay. There is no penalty for’underreporting’, but if the time of the revised report and payment exceeds the gift tax payment period (three months from the end of the month in which the donation date belongs), you must pay the penalty for delayed payment. The late payment penalty tax rate is 0.025% per day and 9.125% per year.
There were 85 people who were initially suspected of lack of funding sources related to housing acquisition, including the donor and spouse who donated the house. The National Tax Service expanded the analysis target to the donor and his/her spouse to verify the source of funds for the process from acquiring a home to a gift, and selected it as a subject for simultaneous investigation when suspected of missing project funds. In addition, 30 suspected victims of expedient gifting, whose parents reimbursed their own housing expenses, such as gift tax and acquisition tax, were also targeted for repayment without their own power after receiving the house as a burdened gift. Ji-woong Han, Director of Inheritance and Gift Tax at the National Tax Service, said, “There is a suspicion of receiving gifts from parents for various expenses due to housing ownership because they are paying gift tax, acquisition tax and comprehensive real estate tax without a clear source of funds among the younger people who donated houses. Among the subjects, the lack of source of funding for housing acquisition and those suspected of giving an expedient gift using burdened gift will be thoroughly verified through a tax audit.”
/ Sejong = Reporter Hwang Jeong-won [email protected]
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