In less than a week the ruling Democratic Party has rushed through the latest batch of real estate market reform bills, including higher taxation and mandatory reporting of rent by landlords.The main opposition United Future Party boycotted the vote.
Foreign owners of domestic property are on the radar of the National Tax Service (NTS), which is looking for those who have underreported rental income. Between 2017 and May this year, foreigners have purchased apartments valued 7.67 trillion won.
As a recent saying goes, there are two types of people in Korea: those with a house and those without. The Moon Jae-in administration’s real estate policies are so controversial that they always seem to be the lead topic in any...
A National Tax Service (NTS) director announces an investigation into 413 owners of multiple houses accused of evading tax at the Sejong Government Complex on Tuesday.
Top earners in Korea pay relatively little in taxes, but the burden has been increasing fast and could continue to rise quickly.
After the Moon Jae-in administration announced plans to raise the maximum comprehensive real estate tax from 3.2 to 6 percent for multiple homeowners, Koreans are scrambling to transfer their apartments to relatives as gifts.
Gates Korea, a mechanical goods manufacturer and subsidiary of Denver-based Gates, is closing and shuttering its Daegu factory, with 147 jobs being lost.
The National Tax Service (NTS) has reportedly collected 150 billion won ($125.3 million) in back taxes from Amazon Web Service Korea, the full amount it reported the company owed last year.
The tax will be applied on yearly profits exceeding 50 million won ($42,000), not 20 million won as originally announced. And a part of the tax will come in a year later than originally planned.
Property taxes increased the maximum 30 percent this year for 580,000 households in Seoul.