The city of Suwon in Gyeonggi Province achieved results by auctioning off seized mutual aid association investment certificates, vehicles, and real estate to collect approximately 150 million KRW in overdue payments.
To increase the collection rate of local tax arrears, Suwon City seized the mutual aid association investment certificates of delinquent taxpayers for the first time this year.
In February, a full investigation was conducted on the mutual aid association investment certificates of delinquent corporations, resulting in the seizure of investment certificates worth about 110 million KRW held by 21 delinquent corporations. In July, the investment certificates of four delinquent corporations were auctioned, collecting 67 million KRW in overdue payments. Additionally, auctions were held for 14 seized properties, including chronic delinquent vehicles such as "ghost cars" and real estate owned by high-amount delinquent taxpayers, collecting 79 million KRW. Another auction of 12 seized vehicles is planned for December.
Separately, in October, Suwon City searched the homes of habitual and chronic delinquent taxpayers, collecting 68 million KRW in cash on-site and seizing 12 pieces of movable property such as precious metals.
A Suwon City official stated, "Although it is difficult to collect overdue payments due to the economic downturn, we will operate a delinquent taxpayer tracking task force and implement customized collection measures for each delinquent taxpayer to contribute to the expansion of Suwon City's finances. We will continuously discover and implement new collection methods to recover overdue payments."
Meanwhile, Suwon City has designated the fourth quarter of this year (October to December) as the 'Special Collection Period for Overdue Payments' and plans to focus all efforts on collecting overdue payments.
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