Gyeonggi Province's Department of Tax Justice reported on successful testing of a system for intelligent tracking of cryptocurrency transactions and identifying tax evaders.
A report from the Gyeonggi-do provincial tax office reports that the introduction of an intelligent system to combat tax evasion in the field of cryptocurrencies allowed identifying about 6,000 offenders in 2023 and collecting more than 6.2 billion won (about $4.7 million) in debt from them.
The new tax debt control system is based on end-to-end tracking of citizens ' registration data and identifying their probable connection with operations in the digital asset market. For example, by municipal registration numbers and mobile phone numbers.
"Our goal is to protect bona fide taxpayers, ensure fair taxation and toughen the fight against those who trade virtual assets, but refuse to pay taxes. This is in line with South Korea's vision of creating a transparent and accountable cryptocurrency market," the Gyeonggi Tax Department administration commented.
Earlier, against the background of the election campaign in the Republic of Korea, the People's Power Party, which has a parliamentary majority, announced its readiness to extend the deferral on taxes on income related to investments in crypto assets.
A report from the Gyeonggi-do provincial tax office reports that the introduction of an intelligent system to combat tax evasion in the field of cryptocurrencies allowed identifying about 6,000 offenders in 2023 and collecting more than 6.2 billion won (about $4.7 million) in debt from them.
The new tax debt control system is based on end-to-end tracking of citizens ' registration data and identifying their probable connection with operations in the digital asset market. For example, by municipal registration numbers and mobile phone numbers.
"Our goal is to protect bona fide taxpayers, ensure fair taxation and toughen the fight against those who trade virtual assets, but refuse to pay taxes. This is in line with South Korea's vision of creating a transparent and accountable cryptocurrency market," the Gyeonggi Tax Department administration commented.
Earlier, against the background of the election campaign in the Republic of Korea, the People's Power Party, which has a parliamentary majority, announced its readiness to extend the deferral on taxes on income related to investments in crypto assets.
