Overview of the National Tax Payment in Kind Securities Investment Sale System [Photo by Korea Asset Management Corporation]
[Asia Economy Reporter Song Seung-seop] Korea Asset Management Corporation (KAMCO) announced on the 29th that it signed a stock sales contract for the "investment-type sale" of national tax payment securities with JC Asset Management at its Seoul office in Gangnam-gu, Seoul.
National tax payment securities refer to stocks paid on behalf of taxpayers who have difficulty paying taxes in cash. Since 1997, KAMCO has been entrusted by the Ministry of Strategy and Finance to manage and dispose of national tax payment securities and has been selling unlisted payment securities through Onbid auctions.
The target items are national tax payment securities that have failed to sell at least twice in public competitive bidding. The government determines the price based on the valuation by professional institutions such as accounting firms. The sale targets include banks, insurance companies, securities firms, comprehensive asset management companies, and venture capital firms.
This stock sales contract signing is part of the government's "2020 Second Half Economic Policy Direction." The investment-type sale, which introduces external professional institution evaluations and expands the sale targets to institutional investors to revitalize the sale of national tax payment securities, is being implemented for the first time.
Hong Young, Head of KAMCO's National Property Headquarters, emphasized, "With this sales contract signing, the investment-type sale system for national tax payment securities has been officially introduced and implemented," adding, "By expanding the sale targets of unlisted payment securities to institutional investors, KAMCO will revitalize the sale of national tax payment securities and contribute to increasing national fiscal revenue."
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