Seoul’s Gangnam District Targets Tax Evaders in Revamped Crypto Confiscation Drive
Main Idea
Seoul's Gangnam District has intensified efforts to recoup unpaid taxes by seizing cryptocurrencies from tax evaders, resulting in significant recoveries and increased voluntary payments.
Key Points
1. Gangnam District recouped $144,057 in unpaid taxes in the first half of the year by confiscating cryptocurrencies from tax evaders.
2. The district has seized 340 million won ($244,796) since the end of last year by targeting crypto wallets of residents who fail to pay local levies.
3. Tax officials freeze crypto assets in evaders' wallets and issue ultimatums, leading to a rise in voluntary payments.
4. Examples include a resident who owed 120 million won ($86,495) in property tax and another who claimed poverty but paid 1.4 million won ($1,000) after crypto seizure.
5. Korbit, a crypto exchange, has partnered with Busan Customs to assist in tracking and seizing crypto from long-term tax evaders, aiming to establish a transparent tax payment system.
Description
The affluent Seoul district of Gangnam is ramping up its crypto confiscation initiative for tax evaders, seizing 340 million won ($244,796) since the end of last year. The district, which is home to many of East Asia’s richest people, has joined others in cracking down on residents who fail to pay their local taxes. But it has also begun seizing crypto from residents who fail to pay other local levies, including property taxes. Gangnam Crypto Crackdown Kyunghyang Shinmun reported that the distri...
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