Paju-si, First Local Government Nationwide to Directly Sell Virtual Assets to Collect Overdue Local Taxes
Paju City, Gyeonggi Province (Mayor Kim Kyung-il) became the first local government in the country to directly sell virtual assets of local tax delinquents to collect overdue taxes.
According to the city on the 23rd, registered mail notices of virtual asset transfer and sale were sent twice in November and December of the previous year to 17 delinquents who owed 124 million KRW in local taxes. For those who did not receive the mail, the notification process was completed through public notice delivery.
Through this, the city collected 33 million KRW from 14 delinquents, excluding 3 whose sales were on hold (due to vehicle auction proceedings, etc.). Among them, 10 voluntarily paid 18 million KRW (including installment payments), and the city directly sold virtual assets from the remaining 4 to collect 15 million KRW.
Until now, local governments nationwide had no cases of directly selling virtual assets due to the complicated procedures (such as approval for opening ordinary deposit accounts, issuing bankbook through partner banks, and opening exchange accounts) and the burden on officials of directly selling highly volatile virtual assets.
The reason the city actively pursued direct sales of virtual assets was to prevent the risk of seizure claims being lost due to delisting on exchanges when the coins were not major ones like Bitcoin. In fact, among the coins seized by the city, some had an appraised value of up to 200 million KRW but were already delisted on exchanges and thus untradeable.
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Woo Sang-hwan, head of the collection division, stated, "Paju City will continue to discover various methods to actively collect delinquent taxes," and added, "We will support economic rehabilitation by allowing installment payments for vulnerable groups such as livelihood delinquents."
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