558 Tax Delinquents Owing Over 1 Billion KRW Last Year... Total Amounting to 1.5 Trillion KRW

[Sejong=Asia Economy Reporter Kim Hyunjung] Last year, the number of tax delinquents who did not pay more than 1 billion KRW in taxes exceeded 550, and the amount of delinquent taxes surpassed 1.5 trillion KRW.

According to data received from the National Tax Service by Yang Kyungsuk, a member of the National Assembly's Planning and Finance Committee from the Democratic Party of Korea, based on the "delinquent amount under settlement," there were 558 delinquents owing more than 1 billion KRW last year, with their total delinquent amount reaching 1.5054 trillion KRW.

The "delinquent amount under settlement" includes both newly incurred delinquencies in the relevant year and those carried over from previous years that have not been recovered. In other words, it refers to the delinquent amount not yet collected as of that year.

The number of high-value delinquents owing more than 1 billion KRW has been increasing annually. It rose from 388 people (1.6888 trillion KRW) in 2016, to 456 people (1.8109 trillion KRW) in 2017, 495 people (1.7550 trillion KRW) in 2018, and surpassed 500 to 528 people (1.5554 trillion KRW) in 2019, increasing further last year.

As of June this year, there are 598 high-value delinquents owing more than 1 billion KRW, with a delinquent amount of 1.5915 trillion KRW. However, some delinquent amounts may be settled in the second half of the year, potentially reducing the figures by year-end.

Last year, the number of delinquents owing between 100 million KRW and less than 1 billion KRW was 12,047, with a delinquent amount of 2.7249 trillion KRW. Those owing between 50 million KRW and less than 100 million KRW numbered 19,069 (1.3092 trillion KRW), between 10 million KRW and less than 50 million KRW were 121,825 (2.6445 trillion KRW), and less than 10 million KRW were 710,608 (1.3444 trillion KRW).

The total number of delinquents last year was 864,107, with the total delinquent amount reaching 9.5284 trillion KRW. In 2019, the total number of delinquents was 943,928, and the total delinquent amount was 9.2844 trillion KRW. Although the total number of delinquents decreased last year, the delinquent amount increased, which appears to be influenced by the rise in high-value delinquents owing more than 1 billion KRW.

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