Gyeonggi-do Detects and Seizes 59.1 Billion KRW in Financial Investment Assets Including Stocks from High-Value Tax Delinquents

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province investigated the investment details of high-amount tax delinquents through securities companies and identified and seized financial investment assets worth approximately 59.1 billion KRW, including stocks and funds held by 1,398 delinquents.

The province announced on the 23rd that from September for about four months, it investigated the transaction details of 37,000 high-amount local tax delinquents with over 10 million KRW in local taxes at 25 major domestic securities companies. As a result, assets worth a total of 59.1 billion KRW (3,699 cases) were seized from 1,398 delinquents (with a delinquent amount of 83.8 billion KRW), including stocks worth 54.6 billion KRW (including 1.2 billion KRW in overseas stocks), funds worth 1.3 billion KRW, and deposits worth 2.5 billion KRW.

The province plans to encourage delinquents to voluntarily pay their overdue taxes over the next two months. If they refuse to pay voluntarily afterward, the province will send official letters to securities companies to forcibly sell the seized assets and proceed with additional collection procedures.

Among the major cases detected, Mr. A, chairman of a mid-sized company who owed 12 million KRW in property tax, was found to have invested 14 billion KRW in stocks and deposits, which were seized. Mr. B, former CEO of a bio-venture who owed 13 million KRW, was caught after investing 700 million KRW in stocks.

Mr. C, an executive of a sports association who owed 11 million KRW in local income tax, was found to have invested 300 million KRW in stocks and funds. Dr. D, who owed 11 million KRW, was also found to hold assets worth 200 million KRW in stocks and a Comprehensive Asset Management Account (CMA).

Kim Min-kyung, Director of the Tax Justice Division of the province, emphasized, "Despite repeated payment demands, many high-amount delinquents claimed they had no money, but this investigation revealed that some had invested hundreds of billions of KRW in stocks. Those detected this time are designated as special management targets due to serious moral hazard regarding taxes. If they continue to refuse payment, we will strongly collect taxes, including conducting additional home searches."

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