Suwon City Collects 40.5 Billion KRW in Overdue Payments Last Year... Achieves Over 40 Billion KRW Collection for 8 Consecutive Years

Suwon City Hall

The city of Suwon in Gyeonggi Province collected 40.5 billion KRW in overdue local taxes and non-tax revenues last year, achieving over 40 billion KRW in collections for the eighth consecutive year.

On the 19th, Suwon announced that it collected 27.1 billion KRW in overdue local taxes and 13.4 billion KRW in overdue non-tax revenues last year. Since collecting 47.2 billion KRW in overdue payments in 2016, Suwon has maintained a record of collecting more than 40 billion KRW annually.

Suwon City previously introduced a responsibility collection system for all employees and operates a mobile task force year-round to collect from high-amount defaulters, establishing a ‘customized collection system.’

Additionally, new collection methods were actively implemented, including ▲a full survey of securities held by mutual aid associations and seizure of claims ▲re-auctioning large open commercial buildings whose auctions were canceled ▲searching business sites of defaulters owing more than 10 million KRW, resulting in the collection of a total of 270 million KRW in overdue payments.

In particular, the case of actively analyzing the practical benefits of large open commercial buildings whose auctions were canceled and re-auctioning them through the Korea Asset Management Corporation to collect overdue payments won the Excellence Award in the overdue tax collection category at last year’s Gyeonggi Province Tax Justice Capacity Enhancement Awards.

This year, Suwon plans to notify defaulters of their overdue status through ‘Kakao AlimTalk’ as a new project. This is expected to increase the delivery rate of overdue notices and save 60 million KRW in mailing costs.

Moreover, for local tax defaulters owing less than 10 million KRW, Suwon will collaborate with securities name change agencies (three institutions including the Korea Securities Depository) to identify securities accounts held and proceed with seizure.

A Suwon city official stated, "Although it is difficult to collect overdue payments due to the economic downturn, we will do our best to supplement the insufficient finances. We will operate the mobile task force to conduct home searches of high-amount defaulters and track illegally registered vehicles, and actively discover new collection methods to fully focus on collecting overdue payments."

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