(1) The Minister of Land, Infrastructure and Transport shall build and operate a system for verifying real estate transaction prices by using the matters reported under Article 3, the values of land and housing announced under the Act on the Public Announcement of Real Estate Values, and other information on prices of real estate. <Amended on Aug. 20, 2019>
(2) Upon receipt of a report under Article 3, the report-receiving authority shall verify the price reasonableness for the transaction concerned by using a system for verifying real estate transaction prices referred to in paragraph (1).
(3) A report-receiving authority shall notify the result of verification conducted under paragraph (2) to the head of a tax office having jurisdiction over the location of such real estate, and the head of the tax office so notified may use the relevant reported matters for imposing a national or local tax.
(4) Verification procedures, building and operation of a verification system under paragraphs (1) through (3), and other necessary details shall be determined by the Minister of Land, Infrastructure and Transport.