Tax Investigation Targeting 652 Speculative Apartment Buyers

Another tax investigation will be undertaken for 652 people who purchased 266 apartments in five areas, including Gangnam in Seoul, Seongnam Bundang, Yong-in-si and Anyang-si in Gyeonggi-do, and Changwon-si in Gyeongnam, on speculative purposes in April and May this year.

The tax investigation will be targeted towards approximately 13,000 apartments around the nation by analyzing the transaction details on an irregular basis every two months.

The National Tax Service announced a plan on June 20 for second and third tax investigations for the areas in which apartment prices are skyrocketing.

The second investigation will start from June 27 and will target transactions that occurred in April and May this year. The first investigation started June 14 is targeting those that occurred from July 2004 to March this year.

The 652 people under investigation were alleged to have purchased apartments in the five areas including Gangnam and Bundang during this period for a speculative purpose.

Eun-Woo Lee libra@donga.com