Changes to Fund Procurement Plan Form: Must Include Loan Sources, Virtual Assets, and Repayment Plans for Loans

As the form for the Fund Procurement Plan used during real estate transactions changes, caution is required, as simply entering amounts as in the past may lead to tax investigations or requests for explanation. According to the 'Semujosa-neun Peonpeontaekseu | Guksecheong Josaguk Chulsin' YouTube channel, the new form, which took effect on February 10 of this year, has subdivided the sections to specify the sources of funds more concretely.

Specifying Loan Types and Financial Institution Names... Aimed at Blocking Business Loan Loopholes

The most noticeable change is in the loan-related items. In the previous form, it was sufficient to write only the amount in the 'Other Loans' section, but in the revised form, the type of loan and the name of the financial institution must be recorded. It must be specifically disclosed whether it is a mortgage, a credit loan, a business loan, or a loan through a foreign financial institution.

The presenter cited the strengthening of monitoring by the National Tax Service as the background for this change. In particular, the analysis suggests that the primary purpose is to block the loophole of purchasing a house by taking out a business loan. It was emphasized that the National Tax Service is closely watching methods such as securing funds through personal loans and then converting them to business loans three months later.

New Sections for Virtual Assets and Stock Sale Proceeds... Preparation of Supporting Documents is Essential

The verification of the asset formation process has also become more precise. Previously, proceeds from the sale of stocks, bonds, and virtual assets (cryptocurrency) were lumped together under the self-funded items, but they have now been separated into distinct sections. Rather than simply writing the amount, one must detail when the assets were sold on the exchange and when they were converted into Korean Won.

In the case of virtual assets, a certificate confirming the sale and the conversion to Korean Won on the exchange must be submitted. The presenter advised, "If the date the funds entered in Korean Won does not connect with the balance payment date, suspicion may arise," noting that caution is needed as it may be difficult to provide an explanation if assets purchased in the past were sold across multiple exchanges or passed through personal wallets. For stocks and bonds as well, transaction history from securities firms and account deposit dates must be prepared in advance.

"A Loan Agreement Alone is Not Enough"... Money Borrowed from Family Must Leave Actual Repayment Traces

When funds are borrowed from a related party (parents, children, etc.), writing a loan agreement alone is not sufficient for an adequate explanation. This is because the revised form includes sections to record whether interest was actually paid and the repayment plan for how the principal will be paid back in the future.

The presenter explained, "A loan agreement is merely a piece of paper. To prove that there is an actual intention and ability to repay, financial records showing that interest and principal moved as agreed must remain." According to the results of a planned investigation announced by the Ministry of Land, Infrastructure and Transport at the end of July this year, about 300 out of approximately 1,000 investigated cases were classified as suspicious, and about 170 of these were passed to the National Tax Service. Major types included cases where the contract date or price differed from the facts, cases where excessive amounts were borrowed from related parties, or cases where a house was purchased using only borrowed money without personal funds.

In particular, in transactions between parents and children, it is important to create traces of repaying the principal and interest monthly or regularly. The National Tax Service may presume it to be a gift and impose taxes if there are no repayment records even several years after the house was purchased. The presenter urged, "Since the National Tax Service verifies the contents from the stage of filling out the Fund Procurement Plan, funds must be managed in accordance with the actual repayment plan."