South Korean authorities have seized roughly $185 million price of digital belongings from tax delinquents since 2021, Yonhap information company reported on Sept. 22.
Within the second half of 2020, tax authorities carried out a system of seizing the digital belongings of tax delinquents to stress them to pay taxes. The authorities seized the delinquents’ accounts or belongings primarily based on data acquired from the cryptocurrency exchanges.
If the delinquents don’t pay the taxes after the seizure of belongings, the authorities promote the cryptocurrencies at market costs to recoup the arrears.
The very best quantity of digital belongings seized from a single delinquent stood at 12.49 billion gained or $8.87 million. The Seoul resident held round 20 cryptocurrencies, together with $2.27 million price of Bitcoin (BTC) and $1.34 million price of Ripple (XRP), in accordance with the report. After the seizure, the person paid the taxes and requested that his belongings not be offered.
One other delinquent paid the taxes after the authorities seized $6.16 million price of digital belongings. Moreover, a person who owed $1.91 million in nationwide taxes had crypto belongings price $2.77 million seized.
The information was offered by the Ministry of Technique and Finance, Ministry of Public Administration and Safety, Nationwide Tax Service, and different authorities businesses.