HomeNewsSouth Korean Govt identifies crypto investors for tax evasion

South Korean Govt identifies crypto investors for tax evasion

Tax evasion is an unfortunate but common affair in most countries in the world and spans a variety of methods. People devise new methods to evade taxes from the government, from not disclosing assets to hiding those under dummy entities. These days, people adopt a new method to transfer those assets into cryptocurrencies that usually aren’t liable for taxes in most nations.

However, tax departments do take notice once in a while regarding illicit transactions, which happened in South Korea.

According to a report by Korea Herald, the national tax service of South Korea identified 2,416 individuals who’ve hidden their assets in cryptocurrencies to bypass taxation.

The agency, in a statement, described that the evaders used Bitcoin, Ethereum and Ripple, among other cryptocurrencies, to avoid being scrutinized by the tax authorities.

Assets involved in tax evasion totalled about 36.6 million won ($32.24 million). NTS, the tax investigation body in South Korea, stated that currently, they targeted people with over 10 million won ($8,800) in taxes.

Although recovering cryptocurrencies is a tough task given the privacy-focused architecture of the technology, it’s remarkable that the tax authorities were able to recover hidden assets. The agency also issued the following statement:

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

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