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A television broadcaster and a doctor are some of South Africa’s richest people whose income has been tax deductible, while corruption is growing in one of the world’s best-selling markets.
More than Won53bn ($ 47m), ethereum and other crypto assets were seized from 12,000 tax evaders following a month-long investigation, according to Seye district government officials, which oversees the Seoul metropolitan area.
Governments around the world have worked hard to participate regulating cryptocurrensets in response to years of growth unregulated mining operations. Bitcoin has been moving steadily this year, rising to $ 60,000 before falling under $ 30,000 this month.
“We will do everything in our power to prevent law-abiding taxpayers and fulfill our tax obligations fairly by investigating and investigating what taxpayers may be hiding in the latest cryptocurrency transactions,” said Kim Ji-ye, director-general of the Gyeonggi Fairness Bureau.
The seizure followed a spate of tax surveys involving about 140,000 people and most recently in several tests. Encourage monitoring crypto markets and financial regulators in South Korea.
Gyeonggi’s officials say it was “the biggest tax evasion in Korean history” and said the exchange was used to conceal assets because they did not take the registration number with which their accounts were kept.
To see how their accounts have been changed in cryptocurrency exchanges, the researchers compared mobile phone numbers that were typed by those who failed to pay taxes.
Officials said the lawsuits included: a “well-known home-based advertiser” who owed Won20m in taxes but had Won500m in ethereum and other cryptocurrencies; Owner of about 30 people who owed Won30m in taxes and had Won1.1bn in crypto assets; and a doctor who failed to pay nearly Won17m in late taxes but had Won2.8bn in bitcoin.
Officials add that they have started repaying debt and securing property if the “taxpayers” have not paid their taxes voluntarily.
More than 60 South Korean exchanges are battling to meet the deadlines by September.
The Financial Services Commission, the regulator, has set a deadline for the Korean exchange to work with local banks to open specific customer accounts. But local lenders are refusing to engage in short-term exchanges for fear of exposure to money laundering and other financial offenses.
The Korean government is also developing plans to introduce new taxes on cryptocurrency transactions.
Additional reports of Kang Buseong and Song Jung-a in Seoul
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