South Korea, the United Kingdom, and Bulgaria Will Join Forces to Combat Cryptocurrency Tax Evaders.
Kim Dae-Ji, chairman of South Korea’s National Tax Agency, met with tax executives from Bulgaria and the United Kingdom this week to discuss the “rise of tax-dodging schemes” involving the use of digital assets.
According to a local news outlet, the National Tax Agency intends to expand its collaboration with Bulgaria and the United Kingdom to track down individuals who use “new financial products” such as cryptocurrencies to avoid paying taxes, primarily through offshore schemes. Dae-Ji met with Her Majesty’s Revenue and Customs Commission Chief Executive, Jim Harra, last week, and Bulgaria’s National Revenue Agency Director, General Rumen Spetsov, two days later.
The discussions focused on the sharing of accurate and precise income information from individuals suspected of tax evasion. South Korea’s crypto tax laws are a hot topic in the local crypto community, as the country has a strict, closely monitored regulatory system for digital assets. Local authorities do not recognize them as legal tender, but ownership and trading are permitted.
South Korea, on the other hand, is expected to become a crypto hub soon, as the country’s new president, Yoon Suk-yeol, has expressed his support for crypto and ideas for a better regulatory system.
Increasing the minimum threshold for paying capital gains tax on profits made from digital assets is one of them, as is allowing Initial Coin Offerings (ICOs). Not long ago, South Korea’s Ministry of ICT, Science, and Future Planning announced plans to invest $187 million in a national metaverse platform, which will primarily be used to boost digital content and corporate growth across the country.
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