In the process of acquiring shares of an unlisted corporation in February, businessman A did not pay an acquisition tax of 11 million won, but was recently seized virtual currency from Jeonju City. Although the market price did not disclose a specific amount, it is known that Mr. A had a considerable amount of cryptocurrency at the time. Upon receiving the notice of seizure, Mr. A immediately paid 11 million won in arrears.
Jeonju City announced on the 27th that it had seized all virtual currencies held by large delinquents of over 5 million won. As the number of cases of concealing assets with cryptocurrencies such as bitcoin increased, Jeonju directly found them and even seized them.
There were 17 delinquents seized, including 10 in Deokjin-gu and 7 in Wansan-gu, and their tax arrears amounted to 434 million won.
Previously, the court ruling and the revision of the Specific Financial Information Act laid the institutional basis for the procedure related to transfer of intangible assets to virtual currency and delinquency.
With the cooperation of major domestic exchanges such as Bithumb, Upbit, Coinone, and Kobit, after confirming the holdings of cryptocurrencies by large delinquents, proceeds such as seizure and collection of bonds were carried out.
Jeonju City plans to cover the arrears by liquidating virtual currency on the 31st. The final seizure amount is expected to be confirmed on the collection date due to market price fluctuations.
Excluding Mr. A, it was confirmed that 16 people have not yet paid the arrears.
An official from Jeonju said, “Since local taxes are an important source of voluntary finance for local autonomy, the tax should be faithfully paid.”
