South Korea Tax Agency Investigates Corporate-Funded Luxury Mansions

Tax agency investigates company-funded mansions for wealthy owners

South Korea’s tax authority is cracking down on companies that turn corporate-owned homes into private perks for their controlling families, including a 20 billion won ($14.4 million) mansion in Hannam-dong, Seoul, and luxury retreats disguised as employee welfare facilities. The National Tax Service said Tuesday it has launched audits into 50 companies over suspected tax irregularities totaling about 1.9 trillion won, following a review of 2,639 high-value homes owned by corporations nationwide

By The Korea Herald