"Hide Your Assets, No Way!" Yangsan City Seizes Non-Physical Assets of Local Tax Delinquents

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Yangsan City in Gyeongnam announced on the 6th that it will promote the seizure of stocks and virtual currencies to eradicate property concealment acts using non-physical assets of local tax delinquents.

The city requested major domestic securities companies and virtual asset exchanges to inquire about the holdings of 567 high-amount delinquents with arrears of over 10 million won.

Among those confirmed by securities companies, stock accounts worth 82 million won were seized from 4 individuals, and it is expected that the number of subjects and amounts will increase upon notification of additional inquiry results.

The city plans to proceed with immediate seizure based on the inquiry results and induce voluntary payment. In case of continuous refusal to pay, stocks and virtual currencies will be sold in consultation with exchanges to cover the delinquent taxes.

A Yangsan City official said, “According to cases from other institutions such as the National Tax Service, delinquents found to have stocks or virtual currencies often pay taxes immediately to avoid confiscation,” adding, “We expect this to be an effective means to resolve delinquencies.”

This content was produced with the assistance of AI translation services.