South Korea’s Incheon Seizes $375,000 Worth of Crypto from Tax-Evaders
The city of Incheon in South Korea has confiscated approximately $375,000 worth of cryptoassets from residents who attempted to hide their earnings in token wallets. This amount was collected from 298 individuals. The confiscated virtual currencies include Bitcoin (BTC). Those affected will have the option to pay their tax bills and associated fines or have their coins liquidated and sold off. The crackdown on crypto-holding tax evaders is being carried out by both central and local tax agencies across different regions.
Incheon Implements New Collection Techniques
Incheon City has established two dedicated teams of investigators since 2021 to combat tax evasion. The city has also incorporated seven new high-tech tools, including crypto-related solutions, to enhance its ability to detect tax evaders. These measures are part of Incheon’s efforts to create a tighter collection network and ensure tax justice. Kim Sang-gil, Incheon City’s financial planning chief, emphasized the city’s commitment to conducting rigorous tax collection operations against unscrupulous individuals.
Continued Crackdown on Crypto Tax Evasion in South Korea
In September 2022, South Korean tax officials announced the seizure of $186 million worth of cryptoassets. By December 2022, nearly 6,000 citizens had their coins seized as a result of the ongoing crackdown. The recent action taken by Incheon demonstrates the authorities’ determination to enforce tax compliance and combat tax evasion in the crypto space.
Hot Take: Incheon Takes a Stand Against Tax Dodgers
The city of Incheon in South Korea has made a bold move by confiscating cryptoassets worth $375,000 from residents who attempted to evade taxes. By cracking down on tax evaders, Incheon aims to ensure tax justice and boost its finances. This action is part of a larger nationwide effort to combat crypto tax evasion, which has seen significant seizures and enforcement measures. As governments around the world grapple with regulating cryptocurrencies, this move by Incheon sends a strong message that tax evasion will not be tolerated in the crypto industry.
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