Ansan City to Enforce Seizure and Disposal of Virtual Assets for Local Tax Arrears

IconCryptoNewsTerminal Staff01 Aug, 2024

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Ansan City to Enforce Seizure and Disposal of Virtual Assets for Local Tax Arrears

Ansan City Expands Seizure and Disposal of Virtual Assets Ansan City, located in Gyeonggi Province, South Korea, has recently announced plans to expand the seizure and disposal of virtual assets to include local tax arrears. This move marks a significant step in the city's efforts to enforce tax collection and combat tax evasion. Previously, the seizure and disposal of virtual assets was limited to non-tax revenue arrears. However, starting this month, Ansan City will be able to utilize the virtual asset platform seizure system for all areas of local tax revenue. This expanded authority will allow the city to more effectively pursue individuals who fail to fulfill their tax obligations. The move by Ansan City is part of a broader trend in South Korea, where virtual assets are increasingly being recognized as a valuable class of property. As the popularity and value of virtual assets continue to rise, it is likely that other cities and jurisdictions will follow suit in implementing similar measures to ensure that virtual assets are not used to evade taxes.

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