South Korea’s National Tax Service (NTS) revealed that it has sold off crypto assets worth over $800,000, which were previously seized from individuals involved in tax evasion.
During a press briefing at its headquarters in Seoul on May 14, the NTS showcased some of the assets confiscated during raids targeting taxpayers with significant debts and repeated evasion patterns.
Tax Body in South Korea Liquidates Crypto While Crackdown Persists
In recent years, the NTS and its regional branches have begun taking tough measures against tax evaders who conceal their income through cryptocurrency investments.
The NTS and municipal tax authorities have seen tremendous success as a result of these crackdowns. They have taken thousands of cryptocurrency owners’ coins and forced them to be liquidated nationwide.
Presenting its findings for the previous five years, the NTS stated that it had “forced collections” for “641 high-value and habitual delinquents.”
According to the tax authorities, it had frozen coins worth over $79 million from tax evaders as of 2021.
Tax evaders have recently settled with the NTS, paying fines and overdue taxes totaling more than $69 million to release their frozen crypto assets. The NTS confirmed that it has directly sold around $800,000 worth of tokens seized from individuals who failed to meet their financial obligations. This indicates that the NTS currently holds crypto assets valued at approximately $9 million. In the event of continued non-compliance from tax evaders, the NTS is prepared to liquidate the entire $9 million worth of assets.
Yang Dong-hoon, the head of the NTS’ Tax Collection and Legal Department, emphasized the agency’s commitment to tax justice. He highlighted their efforts to track down assets belonging to high-value and habitual tax delinquents until all outstanding dues are settled.
Tax evaders “Living Luxurious Lives”
The other categories of assets that the NTS had confiscated and, in certain cases, sold off were also disclosed by the organization.
These included unreported inheritances and priceless objects of art. Prepaid golf course memberships and fancy automobiles were also part of the haul.
Tax offenders, according to the tax authorities, were frequently found to be “living lives of luxury” in “expensive houses.”
Tax officials in the city of Hwaseong said in March that they had taken cryptocurrency worth more than $768,500 from tax violators. This amount was a seizure from a single person valued at around $567,000.
May 2024, Cryptoniteuae
