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Busan Metropolitan City Conducts Home Searches on Delinquent Taxpayers, Uncovers Hidden Assets Including Luxury Watches and Jewelry

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Busan Metropolitan City (Mayor Park Heong-joon) announced that it had conducted home searches on six delinquent taxpayers who deliberately evaded their obligations despite having the financial capacity to pay. The total amount of unpaid local taxes by these individuals amounts to 512 million KRW. During the searches, the City seized luxury watches, handbags, and jewelry, and collected 10 million KRW in cash directly from the taxpayers.

One taxpayer, identified as Mr. △△△, who resides in a high-end apartment in Haeundae District, had been in arrears for nearly two years, owing about 60 million KRW in local income tax. Despite this, he owned an Italian luxury sports car and continued to live in a high-priced apartment with an ocean view.

During the home search, officials discovered luxury watches worth approximately 30 million KRW and various pieces of jewelry. These were immediately seized on-site. The taxpayer also signed a written pledge to pay the outstanding taxes by the end of the year, with notice that if payment is not made, the seized goods will be publicly auctioned to cover the unpaid amount.

Another taxpayer, identified as Mr. ◯◯◯, formerly operated a well-known restaurant but failed to properly report and pay income taxes, resulting in an assessment of approximately 120 million KRW in local income tax arrears. He has not made any payments for over ten years and currently resides in a luxury apartment under his spouse’s name. It was also confirmed that the same restaurant continues to generate substantial revenue under the management of a relative who inherited the business rights.

Although the taxpayer had repeatedly claimed financial hardship, during the home search he paid 5 million KRW in cash on-site. The City also seized approximately ten items of gold jewelry, including rings and earrings.

Busan Metropolitan City stated that it will continue to conduct regular inquiries into delinquent taxpayers’ real estate, bank accounts, insurance, and virtual assets to seize and collect payments where possible. For concealed assets, the City plans to pursue cancellation lawsuits for fraudulent transfers and other legal actions to recover unpaid taxes.

Kim Kyung-tae, Director General of the Planning and Coordination Office, said,
“The City will continue to carry out home searches and strengthen tax collection measures and administrative sanctions against delinquent taxpayers who conceal their assets and maintain extravagant lifestyles. By thoroughly pursuing and collecting hidden assets from those who intentionally evade taxes despite having the ability to pay, Busan Metropolitan City will realize fiscal justice, eliminate the sense of unfairness among honest taxpayers, and ensure a fair and transparent tax administration that citizens can trust.”