Growing number of Koreans invest in crypto to dodge taxes, tax authority alleges.
While the Korean government is yet to start taxing capital gains resulting from crypto investment and trading, authorities in Seoul claim cryptocurrencies have been actively used for money laundering.The National Tax Service of South Korea intends to take severe actions against tax evasion practices relying on virtual assets, such as cryptocurrencies, and platforms operating with them, the Korea Herald informed its readers, quoting a representative of the agency.
During the authority’s policy briefing before the strategy and finance committee at the National Assembly, the Korean parliament, the official elaborated that this kind of new tax evasion is hampering justice in the market as well as fairness in taxation. The man, who was residing in the Korean capital’s Gangnam district, insisted he was not earning anything. However, the tax service was able to establish that he had put 3.9 billion won into cryptocurrency. He was forced to fulfill his obligations to the state after the NTS seized his crypto account. Crypto has been allegedly used to evade inheritance and gift taxes as well.
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