Gyeonggi-do Seizes Financial Assets Worth 19.1 Billion KRW Including Stocks from 752 Delinquents

[Asia Economy (Suwon) = Reporter Lee Young-gyu] #1 Mr. A, who was engaged in real estate business in Bucheon City, defaulted on local taxes amounting to several hundred million won while winding down his business. Mr. A claimed he had no assets, so from 2018, 290 million won in local income tax and others were written off as 'no-asset loss disposition.' However, when Gyeonggi Province checked Mr. A's financial transactions, it was revealed that he had hidden assets and traded stocks, holding assets worth 650 million won, leading to cancellation of the loss disposition and seizure measures.

#2 The medical equipment company B corporation, known to be famous in Gangnam, also claimed it had no money to pay taxes and defaulted on 20 million won, but stocks and deposits worth 170 million won were detected. Mr. C, a distribution business representative, did not pay 20 million won in local income tax but held foreign currency assets worth 400 million won and was seized.

Gyeonggi Province detected and seized stocks, bonds, foreign currency, and other assets worth 19.1 billion won held by 752 defaulters.

From the 1st to the 25th of last month, the province inquired about financial assets such as foreign exchange accounts of over 37,600 high-amount defaulters with local taxes exceeding 10 million won in the province through 10 securities firms registered with the Korea Exchange (KRX).

Through the inquiry, the province confirmed financial assets of 752 defaulters and seized 11.4 billion won in stocks, 3.2 billion won in gold trades, 1.2 billion won in deposits, 900 million won in foreign exchange transactions, and 2.4 billion won in other financial assets, totaling 19.1 billion won.

Among them, financial assets of 171 defaulters who had been written off due to no assets like Mr. A were detected, securing tax revenue of 8.1 billion won.

The province and city/counties plan to classify unlisted stocks, which are difficult to convert into tax revenue, among the financial assets of high-amount defaulters confirmed this time, and proceed with the collection process by forcibly selling seized stocks and others.

Kim Min-kyung, head of the Tax Justice Division of the province, emphasized, "Recently, defaulters have been hiding assets in various forms. Since this time we detected not only general financial assets such as deposits but also foreign currency, gold, bonds, etc., we will continue to find and take action against defaulters' hidden assets."

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