Busan City searches homes of six high-value tax delinquents, seizes 'hidden assets'

[Financial News] Busan City said on the 1st that it had conducted home searches of six 'high-value, habitual local tax delinquents' and seized hidden assets as part of efforts to foster a culture of diligent tax payment.
After examining the delinquents' property and income situations, the city selected six people for home searches and conducted on-site visits over three days, from the 27th to the 29th of last month, to directly identify hidden assets. Their total tax arrears were found to amount to 769 million won.
During the searches, the city collected 10 million won in cash and seized about 30 high-value movable assets, including jewelry and luxury bags. It also notified the delinquents that if they continued to fail to pay their overdue local taxes, the seized items would be sold at public auction to cover the amount owed.
Three district offices also took part in the home searches, strengthening cooperation between districts and counties in collecting tax arrears.
The city plans to continue regularly taking strong enforcement measures, including home searches and the seizure of movable property, against delinquents who evade their tax obligations despite being able to pay, and to pursue hidden assets to the end. It will also conduct various property investigations covering financial assets such as deposits, real estate and virtual assets, and immediately search the homes of those suspected of concealing assets in order to track them down and collect the tax arrears.
Busan City Finance Director Lee Gyeong-deok said, "We will expand and strengthen efforts to collect taxes from high-value, habitual delinquents who deliberately evade paying taxes and live lavishly despite being able to pay. We will track down the hidden assets of unscrupulous tax delinquents to the end and do our utmost to ensure fair tax administration, so that citizens who faithfully pay their taxes do not feel a sense of relative deprivation."



[email protected] Byun Ok-hwan Reporter