50 South Korean corporate luxury homes under probe for private use by owners’ families

South Korea’s tax agency has launched audits of 50 companies suspected of using corporate-owned luxury homes to provide private benefits to their owners and families, putting the spotlight on how high-end residential properties are being used to sidestep taxes and property regulations.The National Tax Service (NTS) said an earlier review found that owners and their family members had privately used 1,097, or 42 per cent, of 2,639 corporate-owned homes surveyed. The properties covered were larger than 85 sq m and had an officially assessed value of more than 900 million won ($651,000), making them subject to the comprehensive real estate holding tax.The 50 companies under audit are suspected of tax irregularities involving a combined 1.9 trillion won, as reported by local news agency Yonhap.