Haeundae-gu, Computerized Tracking of Tax Delinquents Hiding Virtual Assets Like Bitcoin

Haeundae-gu, Computerized Tracking of Tax Delinquents Hiding Virtual Assets Like Bitcoin

Busan's Haeundae-gu announced on the 6th that it has introduced an electronic management system for virtual asset tax delinquency dispositions.

The virtual asset tax delinquency disposition electronic management system is a system that electronically unifies the administrative procedures for tax delinquency dispositions between local governments and virtual asset exchanges to prevent tax delinquents from hiding assets in virtual assets such as Bitcoin.

While it has been actively utilized by local governments in the Seoul metropolitan area, Haeundae-gu is the first in Busan to adopt it.

Previously, there were many difficulties in investigations and tax delinquency dispositions targeting virtual asset exchanges due to complex procedures.

It took about 3-4 months to send official documents with the list of delinquents to virtual asset exchanges, receive replies, and then request seizure and collection again.

The newly introduced virtual asset tax delinquency disposition electronic management system can significantly improve the success rate of virtual asset tracking by utilizing delinquents' resident registration numbers to track their mobile phone numbers.

By tracking virtual assets and shortening the seizure and collection process to around 30 days, it has become possible to respond quickly and powerfully to chronic tax delinquents.

An official from Haeundae-gu said, "We will actively utilize this electronic management system, the first to be introduced in Busan, to carry out thorough collection activities against chronic and habitual tax delinquents."