Korean tax authorities insist on the legality of collecting $ 70 million from Bithumb crypto exchange
The director of the South Korean Internal Revenue Service is confident that the requirement to recover 80 billion won ($ 70 million) from the Bithumb cryptocurrency exchange is fully justified. Reported by TheNews.Asia.
For the first time, information about the requirements of the tax authorities appeared at the end of last year. According to authorities, Bithumb failed to withhold the statutory tax on foreign users who traded on its platform. However, the company itself does not see the technical feasibility of levying tax on foreign users and is trying to appeal the decision. The case is currently pending in court.
Shortly before the recent events, Park Hyung Soo from the Planning and Finance Committee of the National Assembly of South Korea expressed confidence that the tax authorities’ demands are unfounded.
“Under current legislation, income from personal cryptocurrency transactions, whether they are made domestically or abroad, is not regulated and is not subject to taxation,” he said..
Meanwhile, the development of legislation for the taxation of cryptocurrencies in South Korea continues. According to Finance Minister Hon Nam Ki, for these purposes they can be recognized as financial assets. He also noted that the main problem in this matter is the tracking of transactions and transactions..
“If we can transparently and systematically track the trade of cryptoassets, then we can consider taxing them as financial assets,” Hon said..
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