South Korean Gaming Firm WeMade Hit with $41M Tax Bill
The National Tax Service (NTS) in South Korea has issued a $41 million tax bill to gaming firm WeMade. The bill comes after an investigation into the company’s crypto-related activities. The NTS stated that the bill was issued as a result of a corporate tax investigation covering the period from 2019 to 2022. WeMade’s payment deadline was February 29, and the surcharge to equity ratio is 10.05%. WeMade, known for its blockchain gaming initiatives, created a subsidiary called Wemade Tree in 2018 but later absorbed it back into the parent company. The company also launched a cryptoasset called WEMIX, which faced delistings in late 2022 but experienced a resurgence in 2023.
WeMade Ready to Pay Crypto Tax Bill
The NTS has decided to impose a surcharge on WeMade following its investigation into WEMIX. WeMade has stated that it will not contest the tax bill and plans to pay it in good faith. However, the company suggests that clearer tax rules for crypto firms would bring stability to the industry. According to a spokesperson from WeMade, paying the tax bill and having clearer regulations will increase stability for businesses operating in the crypto sector.
Hot Take: South Korean Gaming Giant WeMade Must Pay $41M ‘Crypto Tax’ Bill
Gaming firm WeMade has been hit with a $41 million tax bill by the National Tax Service (NTS) in South Korea. The bill comes after an investigation into the company’s crypto-related activities from 2019 to 2022. WeMade is known for its blockchain gaming initiatives and launched a cryptoasset named WEMIX. Despite facing delistings in late 2022, WEMIX experienced a resurgence in 2023. WeMade has stated that it will pay the tax bill in good faith and believes that clearer tax rules for crypto firms will bring stability to the industry.
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