Gyeonggi-do Collects 1.24 Billion Won by Auctioning Seized Delinquent Properties

Auction Site Bidding Results

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province conducted an online electronic auction from the 24th to the 27th targeting seized items from high-value local tax delinquents, collecting over 1.24 billion KRW in delinquent taxes.

On the 28th, Gyeonggi Province announced the auction results for 1,228 out of a total of 1,235 cases through the Gyeonggi Province Movable Property Auction website.

The province publicly sold 1,235 seized items, including luxury bags, precious metals, and automobiles, confiscated from high-value local tax delinquents, through a non-face-to-face online electronic auction system open to all citizens except the delinquents and their related parties.

About 17,000 people participated in this auction, with approximately 39,000 bids recorded. This represents an increase compared to last year's participation of about 11,000 people and 29,000 bids.

Site access records also showed 2.2 million page views, nearly a 30% increase from last year's 1.7 million views.

Among the major items, a Rolex watch appraised at 4.05 million KRW was won by Mr. A with a bid of 8.5 million KRW, a Chanel handbag appraised at 3.7 million KRW was won by Mr. B with a bid of 6.84 million KRW, and a Range Rover automobile appraised at 40 million KRW was won by Mr. C with a bid of 48.2 million KRW.

The province plans to allocate the winning bid amount of over 1.24 billion KRW to cover local tax delinquencies.

Ryu Young-yong, Director of the Tax Justice Division of the province, stated, "Most of the items in this online electronic auction were movable properties seized from the homes of chronic delinquents lacking tax payment awareness," adding, "We will continue to develop new collection methods and foster a culture of sincere tax payment to ensure fair taxation."

Meanwhile, through a non-face-to-face online electronic auction conducted in September last year, the province sold 528 seized items and collected a total of over 980 million KRW in delinquent taxes.

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