Ulsan Collected Highest Single Delinquent Tax Amount of 1.6 Billion KRW

Ulju-gun Pursues Defunct Corporations to the End, Seizes Trust Income for Full Collection

Ulsan Ulju-gun Office.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Ulju-gun, Ulsan, has set a record by collecting 1.6 billion KRW, the highest amount for a single delinquent tax case in the Ulsan area.

On the 20th, Ulju-gun announced that it had collected 1.6 billion KRW in local income tax and other taxes from a corporation that had been delinquent since 2018.

This is the highest amount for a single delinquent tax case in Ulsan City, accounting for 8% of the total delinquent taxes in Ulju-gun. Ulju-gun achieved this result by concentrating its tax administration efforts on collecting delinquent taxes.

Upon reviewing the company's owned assets and major shareholder status, it was initially expected to be impossible to collect the taxes because the company was a bankrupt corporation that had transferred ownership before the delinquency occurred and had also closed its head office.

However, after analyzing changes in ownership of the corporation’s real estate and conducting local inquiries, it was discovered that the delinquent corporation was a developer of an apartment complex in Nam-gu, Ulsan, and that a certain trust company was the sales trustee. Following this, they succeeded in seizing the trust proceeds and collecting all delinquent taxes through court deposit.

During the court deposit process, they cooperated with Ulsan City and continuously persuaded the company’s creditors and the trust company to allow the distribution of proceeds through the court deposit.

Jo Yoon-young, head of the Taxation Division 2, said, “The collection of this high amount of delinquent tax of 1.6 billion KRW was effective because we established a dedicated delinquent tax task force and have been continuously managing the case.”

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