Paju-si, First Local Government Nationwide to Collect Overdue Virtual Asset Sale Payments

Paju City, Gyeonggi Province (Mayor Kim Kyung-il) announced on the 18th that it plans to be the first local government in the country to directly sell virtual assets of local tax delinquents to collect overdue taxes.

Paju City plans to be the first local government in the country to directly sell the virtual assets of local tax delinquents to collect overdue taxes. Photo by Paju City

On the 13th, the city sent notices of virtual asset transfer and sale to 17 individuals who have overdue local taxes amounting to 124 million KRW. If they do not pay the overdue amount by the end of this month, the city plans to transfer approximately 50 million KRW worth of virtual assets held by them to the city’s account, sell them, and apply the proceeds to the overdue taxes.

Virtual assets have recently spread rapidly and have been misused by delinquents as a means to hide or move assets. In response, Paju City has been seeking new methods to collect local taxes from delinquents in line with the activation of the virtual asset market, and this measure is part of that effort.

The direct sale of virtual assets sends a message that delinquents cannot hide their assets, and Paju City plans to track the delinquent’s property to the end and carry out tax collection measures.

Woo Sang-hwan, head of the Collection Division, emphasized the importance of collecting overdue taxes, stating, “Paju City will carry out various activities to collect overdue taxes and support economic recovery by encouraging installment payments for delinquents who are struggling financially.”

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