Gyeonggi-do Settled 577.4 Billion KRW in Overdue Payments Last Year

Gyeonggi Provincial Government Gwanggyo New Office Building

Gyeonggi Province revealed that despite difficult economic conditions last year, it managed to settle 577.4 billion won out of 1.1058 trillion won in overdue payments.

Gyeonggi Province announced on the 13th that through active collection efforts targeting high-amount and habitual defaulters, it collected 398 billion won out of the 577.4 billion won in overdue payments, and wrote off 179.4 billion won in overdue payments from low-income and livelihood-type defaulters.

The province plans to pursue the settlement of 566.9 billion won out of a total of 1.0903 trillion won, which includes 528.4 billion won in remaining overdue payments from last year and 561.9 billion won in newly incurred overdue payments.

In particular, the province intends to track down high-amount and malicious defaulters to collect 403.4 billion won, while it plans to defer the settlement of 163.5 billion won in overdue payments from livelihood-type defaulters such as small business owners.

To promote this tailored collection effort, the province has hired 393 members for the Overdue Payment Management Team responsible for investigating defaulters’ actual conditions and operates a metropolitan overdue payment task force (70 members) in the province and city/counties.

Additionally, to strengthen the effectiveness of overdue payment disposition and administrative sanctions, the province will proceed with real estate and movable property seizure and electronic public auction, disclose the list of high-amount defaulters, restrict licensed business activities, and operate a period for comprehensive local tax overdue payment settlement.

Ryu Young-yong, Director of the Tax Justice Division of the province, stated, "From this year, due to domestic and international economic difficulties such as high interest rates and the Russia-Ukraine war, both livelihood-type defaulters and high-amount malicious defaulters are expected to increase simultaneously, making collection conditions worse. While focusing all efforts on securing tax revenue through strong disposition against high-amount and habitual defaulters, we will also provide more balanced opportunities through welfare linkage and support for livelihood-type defaulters."