Hundreds of Teenagers Listed as Company Chiefs

  • By Shon Jin-seok

    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.

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