Goyang City Achieves 96% Winning Bid Rate in Online Auction of Seized Assets from Major Tax Delinquents

Goyang Special City in Gyeonggi Province (Mayor Lee Donghwan) announced on September 4 that it achieved a high winning bid rate of 96% and secured approximately 56 million won in winning bids at the 'Online Estate Joint Auction' hosted by Gyeonggi Province.

'Online Estate Joint Auction' hosted by Gyeonggi Province. Provided by Goyang Special City

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This auction was conducted to recover delinquent taxes by publicly selling high-value personal property such as jewelry, luxury bags, watches, and electronic devices seized through searches of the residences of high-value and habitual tax delinquents. The event attracted significant interest from citizens.

A total of 83 items were put up for auction, with 80 items successfully sold. Most of the proceeds from the winning bids will be used to cover local tax arrears.

Across Gyeonggi Province, 420 out of 522 items were sold, resulting in an average winning bid rate of 80.5%. The total amount of winning bids reached 302 million won.

Meanwhile, items that were unsold or for which the winning bidder did not pay, as well as additional seized items, will be put up for sale again through an online auction in November.

A city official stated, "Online auctions are a powerful collection tool that allows us to thoroughly track down and recover hidden assets from delinquent taxpayers," adding, "We will continue to carry out rigorous tax collection activities to establish a fair tax order."

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