From September to November... Fines Imposed for Failure to Submit or False Submission of Supporting Documents
Ilsandong-gu, Goyang Special City, Gyeonggi Province, announced on the 20th that it will conduct a special investigation into false and fraudulent real estate transaction price reports from the 19th until November.
The investigation targets include suspicious cases of ▲false reporting of real estate transaction prices (creating contracts with inflated or deflated prices) ▲suspected false actual transaction reports without monetary transactions ▲suspected unregistered brokerage ▲suspected illegal activities by licensed real estate agents among the real estate transaction reports in the first half of 2024.
If the parties involved in the transaction do not submit explanatory materials, or if the submitted materials are insufficient, an attendance investigation will be conducted. Cases with significant discrepancies from market prices or suspected tax evasion related to capital gains tax or gift tax will be reported to the National Tax Service.
Furthermore, if proof materials are not submitted or are submitted falsely, administrative penalties such as fines of up to 30 million KRW will be imposed. For false reporting of transaction prices or other matters, fines of up to 10% of the real estate acquisition price will be applied.
However, those who voluntarily report illegal transactions (for the first time) will be fully exempt from fines, and those suspected of false reporting who voluntarily report (for the first time) after being requested to submit explanatory materials will receive a 50% reduction in fines.
An official from the district stated, “Through this special investigation into false real estate transaction reports, we aim to contribute to establishing a proper real estate transaction order,” and added, “Those who voluntarily report violations can receive reduced fines, so we hope they actively utilize this opportunity.”
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