Gyeonggi Province Wins Presidential Award for Tax Collection by Tracking Concealed Bonds

Gyeonggi Province received the Presidential Award and a prize of 1 billion won (as a fiscal incentive) at the 18th Korea Local Finance Awards, organized by the Ministry of the Interior and Safety, in recognition of its achievements in collecting delinquent taxes by thoroughly tracking down concealed bonds such as bearer deposit certificates. This marks the second consecutive year that Gyeonggi Province has received the Presidential Award, the highest honor in local finance.

Gyeonggi Province presented its "Proactive Delinquent Tax Collection Model for Tracking Concealed Bonds such as Bearer Deposit Certificates," earning the Presidential Award in the revenue enhancement category. Previously, it was virtually impossible to collect taxes in cases where delinquents concealed their ownership of such assets, but Gyeonggi Province established a system that connects the tracking, seizure, and collection of concealed bonds.

To track assets such as bearer deposit certificates, remaining cash, and claims against third-party debtors-commonly used by delinquents as concealment tools-Gyeonggi Province developed a "Concentrated Tracking System for Concealed Bonds." This system combines financial information analysis, reverse tracing of contractual relationships, third-party debtor verification, and procedures for bond seizure and collection.

Gyeonggi Province received the Presidential Award at the "Korea Local Finance Awards" held on the 16th. Photo by Gyeonggi Province

Based on this system, Gyeonggi Province conducted a comprehensive investigation of 30,000 local tax delinquents with arrears exceeding 10 million won, uncovering 25 billion won in concealed bonds and achieving tangible results in an area that had previously been a blind spot in tax collection.

Gyeonggi Province Governor Kim Dongyeon stated, "We broke the convention that hidden assets cannot be collected and established a system that connects tracking, seizure, and collection, leading to real results. Moving forward, we will continue to close the blind spots in delinquent tax collection and establish a tax order where the diligent taxpayers of Gyeonggi Province are respected."

Meanwhile, following the Presidential Award at the Korea Local Finance Awards, Gyeonggi Province also received the Presidential Award at the Government Innovation Grand Championship.