103 People Aged 10 or Younger Paying Comprehensive Real Estate Tax on High-Value Homes... 56% Increase Compared to Previous Year

[Asia Economy Reporter Kwangho Lee] The number of taxpayers aged 10 and under who own high-priced houses and pay comprehensive real estate tax (종합부동산세) has exceeded 100, showing a 56% increase compared to a year ago.

According to the 'Status of Comprehensive Real Estate Tax Decisions by Taxation Type for Those Aged 10 and Under' received on the 24th from the National Tax Service by Yang Kyung-sook, a member of the National Assembly's Planning and Finance Committee from the Democratic Party of Korea, 103 individuals aged 10 and under paid housing-related comprehensive real estate tax in 2018. The total tax burden they carried was 70 million KRW.

This represents the largest number of people and the highest amount of tax in the past 10 years. It is also a 56% increase compared to 66 people in 2017. The number of taxpayers aged 10 and under paying housing-related comprehensive real estate tax decreased gradually from 59 in 2010 to 25 in 2013. Since then, it has steadily increased to 37 in 2014, 38 in 2015, and 51 in 2016. Among the 103 taxpayers aged 10 and under who paid housing-related comprehensive real estate tax in 2018, 20 were under 10 years old (0?9 years), with a total tax amount of 17 million KRW.

Furthermore, when combining the housing-related tax with land-related comprehensive and separate aggregated comprehensive real estate tax, the number of taxpayers aged 10 and under in 2018 was 225, with a total tax burden of 404 million KRW.

Among these, an analysis of the 5-year age group data for housing-related comprehensive real estate tax payers aged 10 and under in 2018 showed that those under 10 years old (0?9 years) accounted for 20 out of 103 people, representing 19.4%. The tax amount reached 17 million KRW.

Representative Yang stated, "The number of taxpayers and the amount of comprehensive real estate tax paid by those aged 10 and under and those aged 20 and under, who have no clear source of income, continue to increase, showing the largest scale in the past 10 years. Tax authorities must thoroughly verify the sources of funds, including investigations into illicit gifting, tax evasion, and the repayment process of loans for high-priced houses," she emphasized.