Cryptocurrency assets worth $890,000 have been seized from the wallets of people who have failed to pay local taxes in a South Korean province. In North Gyeongsang where a new campaign has been set up to collect local tax arrears, with a target set of reaching $136 million by the end of the year. A local publisher, called Daekyung Ilbo, writes that the province and its 22 cities and counties will entered a two-month period of collecting these arrears which will run until December 13. According to the newspaper, the area has collected 1.2 billion won in virtual currency (roughly $889,300 USD), 500 million won in court deposits ($367,620 USD), and 500 million won in financial assets. This intense crackdown could see more money and assets seized as the campaign gathers pace. Tax arrears group formed in South Korea to seize crypto assets The operation has been run by a network of ‘Local Tax Arrears Organization Group’ which is headed by local government leaders and staffed by tax officials to carry out systematic collections. The article, translated into English, says people in arrears of more than 30 million won (just over $22,000 USD) could see a request for a ban on departure from the country by the Ministry of Justice. This latest seizing and plans for more come after another South Korean region announced it would be doing intensive collection activities back in April.
Similar Stories to $890,000 Of Crypto Seized From South Korean Province In Tax Arrears Campaign on Bing News
Sophie Atkinson, ReadWriteWeb
Tue, 10/15/2024 - 4:56am
Topics: in north gyeongsang daekyung ilbo december 300 usd ,620 usd local tax arrears organization group english 000 usd ministry justice april it s featured image midjourney south korean province readwrite south korea south korean tax assets million won people wallets set worth government run time collection
Welcome to Wopular
Wopular is an
online newspaper rack,
giving you a summary view of the top headlines from the top news sites.
Senh Duong (Founder)
Wopular,
MWB,
RottenTomatoes
MoviesWithButter : Our Sister Site
- "Expendables 4" Starts Shooting This Fall, Says Randy Couture at the Arnold Sports Festival more
- “Expendables 4” Gets Funding Interest from “Ip Man 3” Financier more
- "Ip Man 3" Distributor Suspected of Box Office Fraud, Parent Company Loses $200M in Market Cap more
- Yen Targets "Ip Man 4" for 2018 Release; Discusses Film with Director, Producer more
- "Ip Man 3" Shatters Expectations with $72M Opening [China Box Office] more