Gangnam-gu Provides Relief to 371 Livelihood Delinquent Taxpayers... 2.1 Billion Won of Seized Assets Released

Suspension of Collection Actions on 406 Seized Properties with No Practical Benefit

Gangnam-gu, Seoul (District Mayor Jo Seong-myeong) will suspend the disposition of 371 livelihood-type tax delinquents suffering from economic difficulties and release a total of 406 cases of seized property (116 real estate cases, 290 vehicle cases). The total amount of delinquent taxes relieved by this measure amounts to 2.178 billion KRW.

The district conducted a comprehensive investigation of 3,671 seized properties with no practical collection effect and, after deliberation by the Local Tax Deliberation Committee on the 21st of last month, finalized the selection of targets for suspension of delinquency disposition.

The properties subject to suspension include real estate with an appraised value of less than 1 million KRW or cases where auction disposition was rejected and sale is impossible; for vehicles, those registered before 2003 (over 20 years old) or where the delinquent's share is 5% or less, making collection practically difficult.

The seized properties will be publicly announced on the district office website for one month and are scheduled to be released from seizure within this month. This will provide livelihood-type delinquents, who have faced restrictions in economic activities due to seized properties, with an opportunity for recovery, and the district plans to focus on more effective delinquency dispositions.

After the release of seizure, delinquent taxpayers without other assets will undergo a five-year statute of limitations, after which the right to collect delinquent taxes will expire. However, the district plans to regularly investigate the real estate and other assets of these delinquents for five years and immediately seize any newly identified assets.

District Mayor Jo Seong-myeong stated, “We will continue strong delinquency collection activities such as tracking hidden assets for delinquents who deliberately evade payment, while implementing customized collection measures such as installment payments and seizure release to help sincere livelihood-type delinquents with payment intentions to recover. Going forward, we will thoroughly investigate the actual payment ability of low-income delinquents and do our best to support economic recovery by linking welfare support for those experiencing economic difficulties.”

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