Jeonbuk Province Achieves 271 Million Won in Collections Through "Concealed Asset Special Investigation"

Seizure of 1.4 Billion Won in Hidden Assets Including Gold Investments

386 Individuals Identified; Strong Measures Such as Public Auctions Planned

Jeonbuk Special Self-Governing Province has significantly boosted its collection performance by uncovering hidden assets through a targeted investigation into intelligent tax delinquents. According to Jeonbuk Province on April 28, a "Concealed Asset Special Investigation" was conducted over three months from February to April, resulting in the collection of 271.29 million won in overdue taxes and the seizure of assets worth 1.42883 billion won.

Jeonbuk Special Self-Governing Province Office. Photo by Jeonbuk Provincial Office

This investigation targeted individuals with local tax arrears of 1 million won or more. In particular, the authorities focused on tracking cases in which delinquents concealed assets by investing in financial assets such as gold, which has recently seen a sharp price increase. During the investigation, hidden assets held by 386 tax delinquents were identified. Jeonbuk Province encouraged voluntary payments and simultaneously pursued collection procedures to ensure actual payment was made.

By region, Jeonju recorded the highest performance. Gunsan, Iksan, and Wanju also actively participated in collection activities and contributed to the overall results.

Jeonbuk Province announced it would continue to encourage payment of the seized assets worth 1.4 billion won. If non-payment persists, follow-up procedures, such as public auctions, will be initiated in accordance with relevant laws and regulations.

Jeonbuk Province has decided to strengthen its ongoing investigation system in light of this special investigation. Plans are also in place to expand the introduction of advanced tracking techniques in response to increasingly sophisticated concealment methods, such as those involving virtual assets.

Kim Jongpil, Director of the Autonomous Administration Bureau of Jeonbuk Province, stated, "Our top priority is to establish a fair tax system so that law-abiding residents do not feel a sense of relative deprivation," adding, "We will continue systematic collection activities with a zero-tolerance policy."

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