South Korean authorities seem to be focusing on strengthening measures to combat tax evasion across the nation. The country’s tax watchdog profiled thousands of evaders that relied on cryptocurrencies to hide assets worth billions of Korean won.
Evaders Hid a Total of $32.24 Million in Assets
Per the Korea Herald, the National Tax Service of South Korea (NTS) identified 2,416 individuals who reportedly hid their assets in cryptos to bypass taxation. The agency stated that evaders used bitcoin (BTC), ethereum (ETH), ripple (XRP), among other cryptos, to avoid being scrutinized by the tax authorities.
According to the officials, assets involved in the tax evasion account for a total of 36.6 billion won ($32.24 million). Also, the NTS clarified they mainly targeted people owing over 10 million won ($8,800) in taxes.
Still, the tax authorities managed to recover hidden assets in cash and bonds. At the same time, they launched an investigation against 222 of those who allegedly evaded tax
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