Gyeonggi Province Secures 25 Billion Won in Concealed Assets from Malicious High-Value Delinquent Taxpayers

Gyeonggi Province has uncovered 25 billion won worth of concealed assets belonging to high-value delinquent taxpayers.

On October 15, the Gyeonggi Provincial Government announced that it had tracked the transaction records of "performance guarantee insurance policies," which are issued for transactions above a certain scale such as supply, construction, and service contracts, for 30,000 individuals in the province who owe more than 10 million won in back taxes. Through this investigation, the province detected a total of 25 billion won in concealed assets from July to September.

According to the findings, the concealed assets include: 430 million won in cash held by guarantee insurance companies (55 cases), 280 million won in bearer time deposits (47 cases), and 24 billion won in accounts receivable (112 cases), totaling 25 billion won. Of this amount, 1.4 billion won, which can be collected immediately, has already been seized, and the remaining claims will be collected sequentially after a feasibility analysis.

Gyeonggi Provincial Government

In particular, most of the bearer time deposits discovered this time were issued before the mandatory registration of deposit certificates in 2006. Additional investigations will be conducted to determine whether the delinquent taxpayers held these assets for illegal inheritance or tax evasion purposes.

No Seungho, Director of the Gyeonggi Provincial Government’s Tax Justice Division, stated, "Despite repeated payment demands, a significant number of delinquent taxpayers who claimed they had no money were actually hiding assets worth tens of millions of won. We will designate these individuals for special management and will conduct intensive collection activities, such as home searches and seizure of movable property, in parallel."

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