The post South Korean City Plans Crypto Seizure for Tax Evaders appeared on BitcoinEthereumNews.com.

South Korea has established a crypto seizure system to trace down and confiscate digital assets from tax evaders. Authorities discovered 361 high-income tax evaders and seized 110M won in crypto in 2024 alone. Gwacheon, South Korea, plans to launch a native virtual asset seizure system this September in the crusade against tax evasion. Such a plan-the one which was going to pin down its taxes from wealthy residences also on its move against local citizens whom it accused for concealing digital assets worth substantial taxes. According to South Korea’s Energy Kyungjae, Gwacheon tax authorities intend to connect their novel IT-based service with Gyeonggi Province’s general scheme of tax administration. Authorities will target this tool at 361 high-income locals who owe 3 million won ($2,250) in unpaid taxes. Officials have identified the entire group for evading an estimated 18.8 billion won ($14.1 million) in taxes. Gwacheon Targets High-Income Tax Evaders  Before the confiscation of any crypto assets, the Gwacheon authorities will warn the targeted individuals to pay off their tax arrears.The city will seize the assets if payment is not received by the due date. It will start this process in the first half of 2025. South Korea, according to a report, delayed the implementation of its law for cryptocurrency taxation until 2027, while cryptocurrencies’ income from which there was no income declaration will have to be paid by 20%. However, local tax agencies can now confiscate digital assets from tax evaders. Gwacheon City Tax Division Chief Kang Min-ah emphasized that the new system is crucial for ensuring fairness in taxation. It will bring real fair taxation due to very strong responses to tax avoiders and active blocking of tax evasion through the seizure of virtual assets,” said Kang. In the last five years, Gwacheon has recovered about 300 million won…

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Filed under: News - @ February 5, 2025 1:24 pm