Gyeonggi-do Publishes Casebook Containing 51 Collection Techniques Including Cryptocurrency Full Survey

by Lee YeongKyu

Published 20 Apr.2022 07:16(KST)

Gyeonggi-do Publishes Casebook Containing 51 Collection Techniques Including Cryptocurrency Full Survey

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province has published the "Gyeonggi Province New Collection Techniques Casebook," which compiles the collection methods it pioneered nationwide to detect hidden assets of high-amount tax delinquents.

Through this casebook, the province introduces 51 creative collection techniques that were either developed for the first time nationwide or improved upon existing methods since the establishment of the Tax Source Management Division (currently the Tax Justice Division) in 2014.

First, the casebook includes the 2021 nationwide first full-scale investigation of delinquents' cryptocurrency assets using big data. At that time, the province collaborated with a credit information specialist agency to obtain delinquent taxpayers' mobile phone numbers and cross-checked them against virtual asset exchange membership information, identifying 12,613 delinquents and seizing cryptocurrency worth 53 billion KRW.

It also introduces the "Nationwide First, Home Search through Tracking Unused Checks" case, which won the Presidential Award in the 2021 National Local Finance Best Practices. This method is based on the insight that delinquents with payment ability hold unused checks. The province inquired daily about delinquents' unused checks at banks affiliated with the Korea Federation of Banks.

For delinquents with unused checks, home searches were conducted to seize the checks, as well as cash, precious metals, and watches found during the searches, and the delinquent amounts were collected through public auctions, earning high praise.

A provincial official explained, "When the Tax Source Management Division was launched in 2014, the delinquent collection rate was 29.7%, but by 2021 it increased by 8 percentage points to 37.7%, collecting an additional 110 billion KRW in delinquent amounts. In particular, due to the promotion of Gyeonggi Province's new collection techniques, the local tax delinquent collection rate improved by 15.2 percentage points from 34.9% to 50.1% during the same period."