South Gyeongsang Collects $45 Million in Delinquent Local Taxes as Crypto Seizures Intensify

South Gyeongsang Province has collected more than $45 million in delinquent local taxes this year after intensifying efforts to track assets including cryptocurrencies and stocks.

As of May, the province had recovered 62.4 billion won ($45.2 million) out of 260.1 billion won ($188.5 million) in overdue local taxes by stepping up collection of newly concealed assets such as cryptocurrencies, Yonhap News reported on May 26.

The province investigated delinquent taxpayers' cryptocurrency holdings at major domestic exchanges including Upbit, Bithumb, Coinone and Korbit. It seized crypto assets owned by 976 people and collected about 980 million won ($710,000) in overdue local taxes from 887 of them.

Authorities also tracked stock and physical gold accounts. Through May, the province examined securities and physical gold accounts held by 563 delinquent taxpayers and collected an additional 800 million won ($580,000) in unpaid taxes.

South Gyeongsang plans to continue aggressive collection efforts targeting high-value and repeat delinquents. Starting in August, it will also operate a local tax arrears management unit for small-amount delinquents to encourage voluntary payments through phone consultations and field inspections.

For delinquent taxpayers facing financial hardship, the province plans tailored support including installment payment plans and links to welfare services.