South Gyeongsang Tightens Crypto Seizures, Collects $45 Million in Delinquent Local Taxes
Summary
- South Gyeongsang Province said it collected 62.4 billion won ($45.2 million) out of 260.1 billion won ($188.5 million) in delinquent local taxes as of May after stepping up tracking of virtual assets and stocks.
- The province said it seized the virtual assets of 976 people through probes at major domestic cryptocurrency exchanges including Upbit, Bithumb, Coinone and Korbit, and collected about 980 million won ($710,000) in overdue local taxes from 887 of them.
- South Gyeongsang said it will continue intensive collection efforts against high-value and habitual delinquents, and starting in August will operate a local tax arrears management unit for small-amount delinquents to encourage voluntary payments.
Forecast Trend Report by Period
South Gyeongsang Province has collected more than $45 million in delinquent local taxes this year after stepping up efforts to track hidden assets such as cryptocurrencies and stocks.
Yonhap News reported on May 26 that the province collected 62.4 billion won ($45.2 million) of 260.1 billion won ($188.5 million) in overdue local taxes as of the end of May by expanding collections from newly concealed assets, including virtual assets.
The province examined delinquent taxpayers' crypto holdings at major domestic exchanges including Upbit, Bithumb, Coinone and Korbit. It seized virtual assets from 976 people and collected about 980 million won ($710,000) in overdue local taxes from 887 of them.
Authorities also tracked securities accounts and physical gold accounts. Through May, the province investigated securities and physical gold accounts held by 563 delinquent taxpayers and collected an additional 800 million won ($580,000) in unpaid taxes.
South Gyeongsang said it will continue intensive collection efforts against high-value and habitual delinquents. Starting in August, it plans to operate a local tax revenue arrears management unit for small-amount delinquents to encourage voluntary payments through phone counseling and on-site inspections.
The province also plans tailored support for livelihood-related delinquents, including installment payment plans and links to welfare services.
