On August 4, Gyeonggi Province announced that it will hold an online electronic auction from August 25 to 27 for 522 items of movable assets seized from individuals with large or habitual local tax delinquencies.
The auction items include a Piaget watch appraised at 10.8 million won, a Louis Vuitton bag (3.98 million won), a MOOTS bicycle (2.25 million won), pure gold turtle, luxury golf clubs, cameras, whiskey, and other goods, totaling 522 items with a combined appraised value of 242 million won.
A detailed list of items will be available on August 18 on the dedicated auction website of Korea Public Auction (koreapublicauction.co.kr).
Gyeonggi Province guarantees that if any auctioned item is found to be counterfeit, the winning bidder will receive a full refund of the payment, along with compensation equal to 100% of the appraised value (minimum bid price), so that participants can bid with confidence.
The public sale of seized movable assets is a measure to recover hidden assets from high-value tax delinquents and to uphold tax justice. Among local governments nationwide, Gyeonggi Province is the only one to conduct such direct auctions of movable assets.
Anyone can easily participate in this electronic auction using only a smartphone or PC. The winning bidders will be announced at 10:00 a.m. on August 29. Information regarding bidding methods, auction procedures, and important notes will be released on August 18 through the Gyeonggi Province website (gg.go.kr).
Noh Seungho, Director of the Tax Justice Division at Gyeonggi Province, stated, "All items in this auction were seized from the residences of chronic tax delinquents who evaded their tax obligations. We will continue rigorous tax administration and strict enforcement against delinquents to build a society where honest taxpayers are respected."
Meanwhile, Gyeonggi Province collected 450 million won last year through home searches and public auctions of movable assets.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
