National Tax Service Chief: Private Use of Corporate Supercars is Clear Tax Evasion; Investigations Underway

South Korea's National Tax Service (NTS) is preparing to launch tax investigations into wealthy individuals who are using luxury supercars registered under corporate names for personal enjoyment. NTS Commissioner Lim Kwang-hyun stated on social media that the agency is meticulously examining the acquisition, operation, and expense details of high-end corporate vehicles.

Commissioner Lim emphasized that if evidence of private use by the owner's family is confirmed, strict tax audits will be conducted. This move targets what the NTS views as a clear form of tax evasion and a manifestation of moral hazard, where company assets are improperly diverted for personal benefit.

The NTS is currently analyzing the records of these expensive corporate cars, focusing on how they are being utilized and expensed. The commissioner's announcement signals a tougher stance against such practices, aiming to ensure fair tax compliance among the affluent.

“

The National Tax Service is currently thoroughly analyzing and verifying the acquisition, operation, and expense processing details of high-end corporate vehicles, and if private use by the owner's family is confirmed, strict tax investigations will be conducted.