South Korea’s tax administration has pledged to take strict measures against tax evasion through virtual assets and platforms. 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.
Korean Citizens Accused of Investing in Crypto Assets to Dodge Taxes
The National Tax Service (NTS) 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.
A growing number of Korean people are reportedly seeking to evade taxes by investing in crypto assets after moving their wealth to tax havens like some countries in the Caribbean Basin and Southeast Asia, the official said on Monday.
During the authority’s policy briefing before the strategy and finance committee at the...
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