Korea Investigating Tax Evasion Of Famous Youtubers Who Advertise Cryptocurrency

Key Points:

• The Korean Tax Department will conduct tax investigations against celebrities and YouTubers suspected of tax evasion.
• A total of 84 people are under investigation, and the amount of tax evasion amounted to nearly 10 billion won (about 7.92 million US dollars).
• These YouTubers promote virtual asset exchanges, entice fans to join, and collect virtual asset handling fees from referrers, thus bypassing tax returns.

On February 9, the Korean National Tax Agency announced that it is conducting a tax investigation against celebrities suspected of using virtual currencies and other forms of tax evasion, according to media Yonhap.

The National Tax Service of Korea has conducted a tax investigation on artists, athletes, and YouTubers suspected of tax evasion. A total of 84 people were investigated (real names are not disclosed), and the amount of tax evasion up to nearly 10 billion won (about $7.92 million).

These include a Youtuber promoting a virtual asset exchange, enticing fans to join, and collecting virtual asset handling fees from referrers, thus bypassing tax returns.

The National Tax Service describes them as “popular stock YouTubers” and “financial technology broadcasters loved by young people” but under the National Basic Tax Act, their real names are not be revealed.

Among them, there are 26 social media influencers (SNS), such as YouTubers and shopping mall operators, and 19 operators of online investment information platforms and services such as stocks, coins, and Real estate is also subject to tax investigations.

For example, a YouTuber specializing in financial technology received broadcast income and viewer contributions under his borrowed name and hid his earnings. They advertised the virtual asset exchange to get viewers to sign up, receive a referral fee in virtual assets, and then ignore the report.

Or a securities YouTuber, who received billions of won from selling lecture videos at an online investment information service company that he operated with accounts that borrowed his name or virtual currency and then stole them, also founded about ten management consulting firms under his name, employees make fake tax invoices in the name of outsourcing service charges.

The celebrities in the survey are known actors and singers, and the athletes are known to be professional baseball players and golfers. However, their real names were not revealed.

Oh Ho-Seon, head of the investigation officer of the National Tax Service, said, “Some of these cases have been closed, but most of them are currently under investigation.”

“There is a court precedent that states that taxpayer information in the area of National Tax Basic Law and tax investigations is not disclosed, so real names are not disclosed. revealed. Everyone’s privacy needs to be protected.”

Director Oh said.

Besides not participating in tax obligations for making profits from cryptocurrencies, there are still personal business services, tax evasion by setting up a one-person company in the family name, reducing income, paying false labor costs for relatives, or stealing donations and advertising revenue from borrowed accounts.

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