September 28, 2016 12:10
Some 206 individuals under 18 are registered as heads of companies, apparently as a tax dodge by parents who mostly run real estate businesses.
The data from the National Health Insurance Service were published by Minjoo Party lawmaker Park Kwang-on.
On paper the teenage tycoons earned W3.19 million a month, and four made six-figure annual salaries (US$1=W1,099).
Tax authorities say a common method of dodging taxes is to distribute earnings to several individuals who then fall into a lower tax bracket.
An aide to Park said, "It's not illegal to appoint a teenager as head of a company, but the practice looks suspicious and the National Tax Service should take a closer look."
The NHIC said it cannot offer further details on the young tycoons for privacy reasons.
- Copyright © Chosunilbo & Chosun.com