Tax authorities have collected over 146 billion won ($104 million) in unpaid taxes by seizing virtual assets from delinquent taxpayers over the past five years, data showed Tuesday.
A total of 14,140 individuals had their virtual assets seized between 2021 and 2024, according to the data submitted by the National Tax Service to Rep. Kim Young-jin of the ruling Democratic Party.
When a taxpayer defaults, the head of the local tax office notifies the virtual asset service provider, then freezes the delinquent taxpayer's account, according to the NTS.
"Tax evaders are increasingly using new asset forms, such as virtual assets, to hide their wealth through more sophisticated means," said Rep. Kim, calling for stronger monitoring and regulation of virtual assets.
As of the end of last year, 107.7 billion won of the total collected amount had been liquidated through voluntary payments or sales, the NTS said. The remaining 38.4 billion won is still under seizure due to installment payments or other reasons. (Yonhap)
