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Korean Authorities Apprehend Bitcoin Tax Evaders

On the flip side of growing bitcoin adoption, the digital asset is being used to elude taxes in Korea. The intensified effort of the country’s tax agency towards curbing the menace is yielding results, according to a recent report.
Nothing is Hidden Under The Chain
Last month, the Korean government finalized its decision to levy taxes on bitcoin capital gains. The ruling was in line with the growing acceptance of the digital asset and its similarity with other taxable financial instruments. The law will take its due course from next year, but in the meantime, many Koreans have devised schemes to evade taxes using bitcoin.
Korea’s tax authority, NTS, checkmated the sinister plan. The National Tax Service said that it apprehended over 2400 Koreans for hiding assets amounting to 36.6 billion won ($32.24 million) through cryptocurrencies to avoid paying taxes on them.
Further findings revealed hidden bonds and cash that accrued to the tune of 10 million won in delinquent taxes. The agency reported it is closing in on 222 defaulters for other tax evasion cases. The law to impose a ban on bitcoin capital gains will improve transparency and potentially shut the door on cryptocurrency tax evasion. According to the proposed bill, investors and traders will pay 20% tax if they earn over 2.5 million won (almost $2300 at the present rate) from bitcoin and other cryptocurrencies.
When enacted, the bill will introduce clarity to the country’s tax laws. The lack of it formed the basis of Bithumb’s argument in its case against …
Story continues on Crypto Potato

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