70,000 in South Korea Owe Over $3B in Unpaid Taxes: Report

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Approximately 70,000 individuals and companies in South Korea owe more than 4 trillion won ($3 billion) in unpaid taxes, according to a recent report.

Naver stated on November 15 that South Korea’s Ministry of Administrative Safety and local governments released a new list of major tax debtors. The top individual debtor is 40-year-old Jin Junlie, who failed to pay 1.9 billion won in cigarette consumption taxes for two consecutive years.

Authorities plan measures against those not paying taxes, including travel bans for debts above 30 million won and asset seizures for those owing over 50 million. For high-value deliberate evaders, enhanced asset tracking and other compulsory measures will be used.

South Korea frequently publishes names of major tax debtors to compel payment. The latest list highlights ongoing issues with consumption tax non-compliance on cigarettes and other goods.

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