On-site exhibition at Seoul Auction Gangnam Center from March 6 to 10
Online auction to be held on March 11
The National Tax Service will release luxury watches, bags, and other items seized from high-value delinquent taxpayers and proceed with a public auction. The items can be inspected both online and offline before the auction.
The National Tax Service announced on the 26th that it will hold the first online auction of seized items on the Seoul Auction website on March 11.
The public auction will be conducted in two rounds. Items for the first round can be inspected in person at the Seoul Auction Gangnam Center exhibition hall from March 6 to 10. They will be released online from March 5 to 11.
The auction will be conducted online. A total of 166 items will be offered, including 35 luxury bags and wallets, 11 watches, 9 pieces of artwork, 110 bottles of premium alcoholic beverages such as wine, and 1 high-priced doll. Among the items with an estimated value of up to 60 million won, the starting bid for a Rolex watch will be 20 million won, and for an Hermes bag 6.5 million won. After checking the items through the catalog or at the exhibition site, bidders can place bids using a PC or smartphone.
The second round of the public auction will cover a total of 326 items. They will be exhibited from March 20 to 24, and the online auction will begin on March 25. Anyone can participate in this auction. However, National Tax Service officials and their family members are prohibited from purchasing seized assets. Proceeds from the sale of seized items will be turned over to the national treasury and used as valuable resources for the public.
An official from the National Tax Service said, "The public auction items clearly reveal how high-value delinquent taxpayers have avoided paying taxes while secretly holding on to expensive goods," adding, "This public auction is intended to respond strictly to such behavior and to help build a fairer society."
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