South Korean tax officials in Pohang are seizing cryptoassets from 5,208 residents who failed to pay local taxes, part of a national crackdown. The individuals owe tax bills worth $370 or more, totaling over $12.2 million in unpaid taxes. Tax officials accessed data from major crypto exchanges to identify tax evaders. Those identified will have their coins seized and frozen, with an ultimatum to pay their taxes or have their virtual assets sold on the exchange market.
The city’s Nam Gu Office aims to collect almost $5 million in tax arrears from citizens, using a comprehensive plan to target delinquents. Tax evaders’ coins will be seized and frozen, and their transaction activities restricted. Virtual assets belonging to tax delinquents will be sold on the exchange market if taxes remain unpaid. The head of the tax department at the Nam Gu Office emphasized efforts to raise awareness of delinquent taxpayers and introduce customized collection techniques suitable for the digital age.
South Korea’s parliamentary election campaign is in full swing, with crypto becoming a battleground issue. The nation’s status as a major digital asset market is underscored by the attention to crypto in the election discourse. Recent cases of tax officers seizing crypto from tax dodgers in cities like Hwaseong and Incheon highlight the government’s ongoing efforts to crack down on tax evasion involving cryptocurrencies. The government is actively pursuing tax evaders who own cryptoassets, using data from crypto exchanges to identify and seize assets.
Tax officials in South Korea have been able to access information from major domestic crypto exchanges to uncover tax evasion cases involving virtual assets. The city of Pohang, in its effort to collect nearly $5 million in tax arrears, has identified over 5,000 residents who own cryptoassets but have not paid their taxes. These individuals face seizure of their coins, freezing of assets, and potential sale of virtual assets on the exchange market if they fail to pay their taxes. The government is committed to using digital age-appropriate techniques to crack down on tax evasion involving cryptocurrencies.
The city of Pohang is cracking down on tax evasion involving cryptoassets, aiming to collect millions in unpaid taxes from delinquent residents. Tax officials are utilizing data from major crypto exchanges to identify individuals who own crypto but have not paid their taxes, with nearly 5,000 residents targeted for seizure of their assets. Those who continue to evade taxes may have their virtual assets sold on the exchange market. The government has intensified its efforts to address tax evasion involving cryptocurrencies, seizing assets from tax dodgers in various cities as part of a national crackdown on non-compliance with tax regulations.
South Korea’s tax authorities are focusing on combating tax evasion involving cryptoassets, with the city of Pohang leading efforts to collect unpaid taxes from residents who own virtual assets. By accessing data from major crypto exchanges and identifying tax evaders, tax officials are seizing assets, freezing transactions, and targeting individuals with outstanding tax bills. The government’s proactive approach to enforcing tax compliance in the digital age is evident in its strategy to seize and potentially sell delinquent taxpayers’ virtual assets on the exchange market if they do not pay their taxes.
