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. [...]
SEOUL, Oct. 5 (Korea Bizwire) — The Seoul Metropolitan Government will send out mobile notifications, instead of mail, for delinquent tax notices. The city’s internal revenue department has been sending out some 200,000 notices to 25,000 delinquent taxpayers via mail every year. However, the mail often fails to reach the taxpayers because many of them [...]
SEOUL, March 15 (Korea Bizwire) — South Korea’s tax agency said Monday that more than 2,400 delinquent taxpayers have stashed away 36.6 billion won (US$32.2 million) in bitcoin and other cryptocurrencies to hide their assets. The National Tax Service (NTS) said it has cracked down on 2,416 taxpayers who have hid their income or inherited [...]