National Tax Service Reviews President’s Bundang Apartment Sale
President Lee Jae-myung’s recent sale of an apartment in Bundang, Gyeonggi Province, is not subject to taxation, National Tax Service Director Lim Kwang-hyun announced during a parliamentary audit on October 13. The commissioner’s remarks were made at the Government Complex Sejong, where he addressed lawmakers from the parliamentary Strategy and Finance Committee regarding high-frequency scrutiny of private transactions.
The National Tax Service reviewed publicly available data concerning the transaction after opposition lawmakers questioned the legitimacy of the deal. Director Lim stated that the tax agency’s relevant division examined the public records and concluded the sale fell outside the scope of taxation.
Real Estate Transaction Details and Opposition Scrutiny
In July, President Lee and his wife, Kim Hye-kyung, jointly sold their apartment in Bundang-gu, Seongnam-si, for 290 million won. Alongside the final sale, the buyers were listed as debtors for a collateral-backed bond amounting to 17억7700만원의 근저당권.
Opposition members of the People Power Party criticized the transaction during the audit. Representative Bae Jun-young argued that the arrangement allowed the president to bypass tighter institutional lending regulations through private financing, yielding substantial financial advantages. Representative Bae also noted internet claims alleging that citizens executing similar property purchases faced subsequent investigations by the Seoul Regional National Tax Service’s Investigation Bureau 3.
Director Lim responded that investigations by Investigation Bureau 3 typically involve specific risk factors, such as unusually young buyers, noting that precise factual verification is necessary to determine the trigger for any specific probe. He rejected accusations that tax audits operate under political directives from the executive office, maintaining that the agency proceeds with maximum restraint and strict adherence to established legal principles.
Frequently Asked Questions About the Tax Review
What was the financial scale of the Bundang property transaction?
President Lee and his spouse sold the Seongnam-si apartment for 290 million won in July, setting a 17억7700만원의 근저당권 against the buyers.
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