An electronic board at a cryptocurrency exchange in Seoul on May 12, 2022. (Yonhap)
SUWON, Dec. 30 (Korea Bizwire) — Gyeonggi Province said Thursday it will introduce an electronic delinquency tax management system that automatically tracks and confiscates the virtual assets of delinquent taxpayers to save time spent on processing tax payment failures.
The provincial office began developing the system in January of this year, reaching completion in September. Testing was completed in tandem with cryptocurrency exchanges Korbit and Bithumb as well as the city of Pocheon.
The system can automatically track, confiscate, transfer and sell a delinquent taxpayer’s virtual assets when their personal information is entered.
Using the resident registration number held by local authorities, the system can track down the cellphone numbers of delinquent taxpayers and significantly raise the chance of tracking their accounts on cryptocurrency exchanges.
Previously, it took six months to send the list of delinquent taxpayers to crypto exchanges to track down their accounts, and confiscate and sell their virtual assets.
With the new system, it is only expected to take a maximum of 15 days.
M. H. Lee (mhlee@koreabizwire.com)
