Suwon City Seizes 'Stocks and Funds' from Non-Tax Delinquents Including Fines... Collected 270 Million Won

Suwon City Hall

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Suwon City in Gyeonggi Province seized securities and funds from delinquent taxpayers who owed non-tax revenue such as fines and penalties, collecting over 270 million won in outstanding payments.

On the 23rd, Suwon City announced that it investigated the securities holdings of approximately 7,770 delinquent taxpayers with non-tax revenue arrears exceeding 300,000 won, and carried out seizure actions targeting 308 individuals holding securities and funds.

The total amount owed by these individuals was over 3.1 billion won, and as of the 21st of this month, more than 270 million won had been collected.

Suwon City is the first local government to seize securities and funds from non-tax revenue delinquents to collect outstanding payments.

Until now, the seizure of securities for non-tax revenue arrears was only incidentally conducted on taxpayers who were delinquent in tax payments.

Accordingly, Suwon City conducted a legal review of the Real Name Financial Transactions Act and confirmed that it could seize securities and funds to collect non-tax revenue arrears regardless of tax delinquency. The city then actively persuaded 29 securities firms to investigate the securities holdings of non-tax revenue delinquents.

Mr. A, who had been delinquent on 30 penalty cases over several years, paid all outstanding amounts after receiving a "seizure of securities" notice from Suwon City.

Last month, Suwon City became the first in the nation to seize virtual currency from non-tax revenue delinquents to collect outstanding payments.

Suwon City requested the four major domestic cryptocurrency exchanges to check the virtual asset holdings of delinquent taxpayers with non-tax revenue arrears exceeding 300,000 won, and took seizure and collection actions on virtual assets worth over 110 million won from 162 confirmed holders.

A Suwon City official stated, "Investment assets such as securities have long been considered safe havens by delinquents, but with this seizure action, high-value and chronic malicious delinquents can no longer evade tax payments. We will continue to thoroughly collect outstanding payments and realize tax justice through rigorous investigations and the development of new collection methods."

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