Gyeonggi-do, Nationwide First to Seize Tax Delinquent's 'P2P Financial Assets'... 230 Million Won
[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province has seized 230 million won by investigating hidden assets related to 'P2P (online investment-linked) finance' of high-amount tax delinquents.
P2P finance is a financial service where borrowers and investors meet through an online platform without going through traditional financial companies. Since its introduction to the financial market in 2015, it has been recognized as a fintech (technology + finance) investment area, with the enactment of the Act on Online Investment-Linked Finance Business and User Protection in May this year.
In particular, due to advantages such as cash liquidity, acquiring principal and interest receivables (the right to receive principal and interest) through investment in P2P finance loan claims is gaining attention as a new investment method.
Accordingly, from the end of June to early August, the province conducted the nation's first investigation of P2P finance principal and interest receivables targeting about 30,000 high-amount tax delinquents in the province with local taxes overdue by more than 10 million won.
The investigation was conducted by checking the status of principal and interest receivables invested in 7 online investment-linked finance operators holding loan balances of over 10 billion won and 19 P2P-linked lending companies.
The province explained that it initiated the preemptive investigation focusing on the fact that the P2P finance market is establishing itself as an alternative investment market by providing mid-interest benefits to borrowers and investors.
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Kim Min-kyung, head of the Tax Justice Division of the province, said, "As the traditional financial market evolves and P2P finance newly establishes itself, the methods of hiding assets to evade tax delinquency penalties by delinquents are also becoming more sophisticated. Gyeonggi Province will take the lead in creating a social atmosphere that 'taxes must inevitably be paid' by discovering and implementing preemptive collection techniques while paying attention to major social and economic phenomena."
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