South Korean Tax Body Liquidates Crypto Assets Worth Over $800,000

The National Tax Service (NTS) of South Korea reveals the liquidation of previously frozen cryptocurrency assets, exceeding $800,000, in its ongoing crackdown on tax evasion.

During a press briefing at its headquarters in Seoul on May 14, the NTS showcased items seized from raids targeting individuals classified as "high-value" and "habitual" tax evaders.

NTS's Vigorous Crackdown on Cryptocurrency Tax Evasion

The NTS and its regional branches have intensified efforts to combat tax evasion facilitated by cryptocurrency investments in recent years, resulting in significant seizures and liquidations.

Over the past five years, the NTS has enforced "forced collections" against 641 individuals identified as high-value and habitual tax delinquents. As of 2021, cryptocurrency assets totaling over $79 million were frozen from tax evaders.

A National Tax Service office in Seoul

In response to these actions, tax dodgers have paid fines and outstanding tax liabilities amounting to over $69 million to unfreeze their seized tokens.

The NTS has directly sold cryptocurrency assets valued at $800,000 from individuals who failed to settle their financial obligations.

NTS's Stern Measures Against Cryptocurrency Tax Evasion Offenders

Furthermore, the NTS holds cryptocurrency assets valued at over $9 million, which could be liquidated should tax evaders persist in non-compliance.

Yang Dong-hoon, Head of the NTS’ Tax Collection and Legal Department, reaffirmed the agency's commitment to ensuring tax justice by rigorously tracking the assets of high-value tax delinquents.

The seized assets also include valuable artwork, undeclared inheritances, luxury cars, and prepaid golf memberships, underscoring the lavish lifestyles of tax delinquents residing in expensive residences.

In a separate case in March, tax authorities in Hwaseong confiscated cryptocurrency assets worth over $768,500 from tax offenders, including a single individual whose assets amounted to around $567,000.

The NTS' relentless pursuit of tax evasion through cryptocurrency investments highlights its dedication to upholding tax compliance and justice, as demonstrated by the substantial seizures and liquidations of assets from high-value tax evaders.