Corporate-owned real estate under scrutiny as gov't moves to raise holding taxes

A sweeping government review of corporate-owned, nonbusiness real estate is underway after President Lee Jae Myung called for tougher measures to raise the holding burden on such assets, officials said Monday. As part of the move, the National Tax Service (NTS) launched a comprehensive inspection of more than 2,600 high-value homes worth over 900 million won ($605,000), each held by corporate entities. The probe will examine whether controlling shareholders and their families have occupied these properties without paying fair compensation, potentially evading taxes. Other relevant ministries, including the Ministry of Finance and Economy, are also preparing to conduct a review of corporate nonbusiness land holdings. On Thursday, Lee called for a review of measures to impose heavier holding costs on nonbusiness real estate owned by companies, in line with the government’s push to strengthen holding taxes, such as the comprehensive real estate tax and property tax. The move is aimed at curbing real estate speculation, stabilizing the market and promoting more efficient use of corporate-

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