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South Korea cracks down on tax evasion by cryptocurrency investors
- Monday | 26th July, 2021
SEOUL (Reuters) – South Korea will look to tighten a crackdown on tax evasion by cryptocurrency investors and high-income earners as it seeks fresh revenue to cover rising welfare costs, its finance ministry said on Monday. The government proposes revising tax codes so that tax authorities will be able to seize crypto assets held by tax dodgers even if their cryptocurrencies are stored in digital wallets, starting next year. Monday’s proposal is one pillar of the government’s once-a-year review of its tax system, which seeks to revise a total of 16 tax codes. The ministry will submit the tax review to parliament by Sept. 3 as the proposal needs approval from lawmakers to make it enforceable, the statement said. ($1 = 1,151.4300 won)(Reporting by Cynthia Kim; Editing by Sam Holmes)Related article: South Korean authorities raid cryptocurrency exchanges: sources
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