School fees are making me cringe… 1st Instructor ‘Luxury Life of Beopka’

Mr. A, an instructor at the academy, earned the envy of his students by wearing luxury clothes and accessories and driving several supercars worth hundreds of millions of dollars. However, as a result of the National Tax Service’s tax investigation, it was revealed that Mr. A established a company in his family’s name and then bought several supercars worth hundreds of millions of dollars with company money. The supercar was registered as a business vehicle and used personally. Mr. A also evaded corporate tax by purchasing personal luxury goods unrelated to work at corporate expense. This company also used a method of evading income tax by making it appear in the ledgers that salaries were paid to Mr. A’s spouse or relatives, who did not actually work.

Suspicions of tax evasion were revealed by large entrance exam academies, star instructors, and current teachers who are the mainstays of the ‘private education cartel’. On the 30th, the National Tax Service announced the results of tax collection on tax evaders who infringed on the people’s livelihood and said, “Since the inauguration of the current government, we have investigated about 30 academies and collected about 20 billion won in taxes.” It was calculated that about 200 teachers underreported their income in the hope of paying a small amount of taxes while selling problems to private academies. ◇ The National Tax Service explains that some large entrance exam academies that use company money for

personal use misappropriated academy funds as ‘personal wallets’ and used them to increase family wealth.

According to the National Tax Service, the famous B entrance exam academy paid the academy owner’s housing expenses and apartment management expenses through corporate expenses. The owner’s premium hotel meal expenses and annual membership fees were also processed using the corporate card. This academy even deliberately paid its employees a large salary, treating it all as corporate expenses, and later using a method of withdrawing part of the employees’ salary in cash and returning it directly to the owner.

Tax evasion through a ‘cartel’ between academies and current teachers was also discovered. Previously, the National Investigation Headquarters of the National Police Agency revealed that there were about 700 current and former teachers who created textbooks or mock test questions and received money or valuables from large entrance exam academies or famous instructors. As a result of the National Tax Service looking into these 700 people, about 200 people paid less tax by reporting the money they earned from regularly selling problems as other income (up to 20%) rather than as comprehensive income (tax rate up to 45%). Some teachers received compensation ranging from tens of millions to hundreds of millions of won, saying they had experience writing CSAT and mock exams from the Korea Institute for Curriculum and Evaluation. The National Tax Service revealed that there were teachers who received money through bank accounts under borrowed names, such as family members, to avoid progressive personal income taxation. Jeong Jae-soo스포츠토토, director of the National Tax Service’s investigation bureau, said, “Some academies helped question test takers evade personal income tax by paying for the test questions under borrowed names, such as through family accounts.”

◇ An unscrupulous loan shark at 9,000% per annum was also caught

. The tax evaders caught on this day included an unscrupulous moneylender who lent funds at an ultra-high interest rate of 9,000% per annum to vulnerable people struggling with financial difficulties. The National Tax Service said, “Since the inauguration of the current government until September of this year, we have collected 220 billion won in taxes from a total of 246 tax evaders who violated the people’s livelihood, including 15 billion won from about 70 loan companies that defrauded the common people for private profits.”

For example, A loan company created a nationwide pyramid scheme, selected credit-vulnerable groups, lent them 1 million won, and then a year later, borrowed 90 million won in interest, charging them an interest rate of 9,000% per year, exceeding the legal interest rate (maximum 20% per year). . The National Tax Service revealed that they used the money they stole to buy luxury apartments and luxury yachts, and squandered tens of millions of won a day on entertainment expenses. Since I received it in the car’s name or in cash, I didn’t pay taxes.

Evasion by the franchise headquarters, which exploited franchise fees to subsistence franchisees, was also confirmed. While operating a restaurant franchise, he did not report franchise fees and training fees received from franchisees as sales. Also caught this time were a funeral worker who received money for the sale of a funeral home using an account under someone he knew and a gambler who failed to report funds from operating an illegal online sports betting site.

In the future, the National Tax Service plans to more strictly investigate tax evasion and tax evasion, which puts a burden on the lives of ordinary people. The National Tax Service said, “A total of 105 people, including 41 operators of stock and coin reading rooms known as ‘tax evasion hotbeds,’ 12 people including hospital and clinic officials whose sales surged during the coronavirus pandemic, 19 illegal loan sharks, and 33 tax evaders in areas closely related to daily life. “We have also begun a tax investigation,” he said.

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