Copy link
Increase text size
Decrease text size
Link copied

More than 2,400 suspected of using crypto to evade taxes being tracked by South Korea’s tax agency

South Korea's National Tax Service noted that around 36.6 billion won ($32.2 million) of assets are concealed using cryptos such as Bitcoin, Ether and Ripple.

Image by cryptostock from Pixabay

Fri, 19 Mar 2021, 07:42 am UTC

South Korea is ramping up its tax collection efforts by targeting those that might have used crypto to evade taxes. The nation’s tax agency has listed more than two thousand individuals suspected of using popular cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and Ripple (XRP) to hide their assets.

South Korea’s National Tax Service (NTS) has identified 2,416 individuals who used cryptos to hide their assets and bypass paying taxes, according to the Korea Herald. The tax agency was able to come up with the names of the suspected tax evaders based on data collected from various crypto exchanges.

The total amount of wealth concealed by the use of cryptos is estimated at 36.6 billion won or around $32.24 million. Officials revealed that Bitcoin (BTC), Ether (ETH), ripple (XRP), and other cryptos were used in an attempt to avoid scrutiny by tax authorities.

The NTS probe mainly targeted people with over 10 million won (around $8,800) in delinquent taxes. Of the 2,416 identified individuals, the tax agency launched further investigations on 222 people for allegedly evaded tax payments.

“The recent probe was a part of our ongoing efforts to strengthen a crackdown on anti-social tax dodging,” the NTS said. “We will capture highly intellectualized (tax evading) cases and quickly redeem their concealed properties.”

The agency was able to identify the individuals by digging into their crypto trading reports and banking information, according to Bitcoin.com. These reports are required under South Korea’s crypto regulations.

Crypto exchanges in the country are required to use their client’s real name and partner with a financial institution to provide their services. South Korean banks are also required to conduct customer due diligence and submit reports to the Korea Financial Intelligence Unit (KOFIU).

In February, the government enacted amendments to its tax rules to include the imposition of a 20 percent tax on crypto trading profits. The new rule will start to take effect by 2022.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (btc) $59,762.00 (-1.81%)
  • Ethereum (eth) $2,152.79 (-0.63%)
  • Binance Coin (bnb) $470.67 (-2.95%)
  • XRP (xrp) $1.41 (+21.07%)
  • Tether (usdt) $0.999950 (+0.04%)
  • Bitcoin (btc) $59,762.00 (-1.81%)
Apr 10, 2021 (Saturday)
05:05
BTC Drops by 1.01% Within 5 Mins, Marking 60,780.09 USDT
04:20
BTC Surges by 1.02% Within 5 Mins, Marking 60,417.4 USDT
Apr 9, 2021 (Friday)
10:38
OKEx Lists GAL And TRA For Spot Trading
10:32
F2Pool To Stop Mining Services For ZEL
10:29
BTC Trading Above 58500 USDT
10:05
The9 Ltd., a Shanghai-based online game operator, signed a legally binding MoU on the purchase of Bitcoin mining machines.
10:00
BNB Tops List Of Crypto Net Inflow With $32.06 Mln In Past 18 Hours
09:55
Binance Has Completed Pundi X (NPXS) Token Migration & Redenomination Plan
09:42
Prepare For 'Uncertain Future Of Money' – US Intelligence Center
09:36
Huobi Futures To Add Trading Pairs For Cross Margin Mode Of USDT-Margined Swaps
08:16
Geth Releases v1.10.2
07:47
WWE Joins NFT Bandwagon, Announces Undertaker NFT
07:16
BuyUcoin Pilots Roxe Payment Node In India
06:51
NFT Tracking Metaverse Index (MVI) Launched By Index Coop
06:49
Canada's Leading Mortgage Brokerage Now Accepts Bitcoin, Ethereum, XRP, And Bitcoin Cash
06:32
Ethereum Hashrate Breaks 9.5 T/s
06:29
ENFTEE Opens Premium NFT Market S
06:28
Signal Under Fire Over MobileCoin Partnership
06:27
GBTC Holder Says Not Enough Being Done To Eliminate Discount On Shares — Proposes An Alternative Solution
06:25
Ripple’s Partnership With Novatti Goes Live
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft