Hwaseong City Recovers 1.03 Billion Won in Hidden Virtual Assets from 568 Tax Delinquents

Performance of Planning and Analysis Survey on Virtual Asset Seizure System
Tracked High-Value Delinquents with Unknown Location to Collect 760 Million KRW

Hwaseong City in Gyeonggi Province tracked the virtual assets of high-amount tax delinquents and collected over 1 billion won in unpaid taxes.

On the 20th, Hwaseong City announced that it had investigated and seized assets in cryptocurrency exchanges belonging to 568 high-amount local tax delinquents, recovering and collecting 1.03 billion won in unpaid taxes.

To respond to increasingly sophisticated tax delinquents, the city introduced an electronic management system capable of tracking virtual assets in October last year as part of Gyeonggi Province's special tax collection measures.

For example, since 2022, the city identified and seized assets held in a cryptocurrency exchange by Mr. A, who had been a high-amount delinquent on local income tax and other local taxes, collecting 760 million won. Mr. A had absconded without residing at his registered address and apparently had no other visible assets.

The city explained that it achieved this result by utilizing the virtual asset seizure system, conducting ongoing investigations including inquiries with family and acquaintances, and cooperating with related agencies such as the National Tax Service, suspecting that Mr. A might have concealed assets in virtual currencies.

The city plans to continue strong and proactive collection activities through strict measures, including strengthening planned analytical investigations to eradicate asset concealment by high-amount and habitual tax delinquents.

Oh Chu-seop, head of the Tax Collection Division of Hwaseong City, said, "We will do our best to create a taxpaying culture where diligent taxpayers are respected and tax justice is realized."

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