Gyeonggi-do Seizes 155 Loan Safes from High-Value Tax Delinquents... Collects 800 Million Won in Overdue Taxes

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province seized safe deposit boxes of high-amount tax delinquents and collected 830 million KRW in cash and checks from 155 individuals. Additionally, seized movable properties such as luxury watches will be auctioned later.

From February to early July, Gyeonggi Province investigated 38,097 local tax delinquents owing more than 10 million KRW within the province and identified 413 individuals holding safe deposit boxes. Among them, 155 safe deposit boxes were seized after excluding 258 cases where seizure was impossible or unnecessary due to bankruptcy, lawsuits, or other reasons.

A safe deposit box is a small-sized box rented from banks exclusively for customers to securely store valuables such as currency, securities, and precious metals.

The province, with the cooperation of 17 banks affiliated with the Korea Federation of Banks, seized and forcibly opened the safe deposit boxes.

As a result of the seizure, 830 million KRW was collected from the contents of the safe deposit boxes. Thirty-six cases of high-value movable properties, including precious metals and watches, are planned to be sold at the '2022 Gyeonggi Province Joint Movable Property Auction' in the second half of this year.

Choi Won-sam, Director of the Tax Justice Division of the province, stated, "The investigation of safe deposit boxes revealed malicious tax delinquents who have sufficient ability to pay but refuse to do so. We will develop and employ various collection methods to enforce tax justice."

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