South Korean Seized $32M Worth in Crypto Assets from Tax Evaders
South Korea's National Tax Service (NTS), a tax organization in South Korea under the Ministry of Economy and Finance, honored a tax officer, Hwang Byung-gwang, with the title of "excellent civil servant" for his contribution in hunting tax evaders who rely on cryptocurrencies to hide their assets.
According to the report, Hwang tracked $32.3 million worth in digital assets used by tax dodgers to bypass the tax watchdog. The National Tax Service has been successfully collected information from 2,416 individuals, most of them located in Seoul.
South Korea has been cracking down on tax evaders who used virtual currencies to hide their earnings and confiscating or liquidating cryptos involved in tax evasion. Fazacco has reported that the country has recently seized over $47 million worth of Cryptos from tax evaders, including a TV host, a doctor, and thousands of wealthy South Koreans.
The South Korean government will go ahead with its plans to tax cryptos despite the political turmoil ahead of the next year's presidential elections. Digital asset holdings will be reported in yearly filings starting May 2023, as they will be subject to the 20 percent tax.
Subscribe Now
