[Gyeonggi] 'Local Finance Awards' Award..."Special grant tax secured 400 million won"

Gyeonggi Province said it has secured 400 million won in special grant tax by receiving the grand prize at the 17th Korea Local Finance Awards organized by the Ministry of Public Administration and Security.

explained that it was well-received for its contribution to the expansion of local finances by establishing a "virtual asset delinquency electronic management system" that unified administrative procedures for disposition of arrears between local governments and virtual asset exchanges.

This can increase the probability of detecting virtual asset accounts held by delinquents with self-authentication data.

Province partnered with a credit rating agency and a domestic virtual asset exchange for the first time in the country to reduce the disposal period from seizure to collection from six months to about two weeks to prevent local tax arrears and evading measures.

The Korea Local Finance Awards' is a reward system that has been implemented since 2008 for metropolitan and basic local governments across the country to discover and spread excellent cases in the field of local finance and taxation.