👉👉👉 S Korean City of Incheon Seizes $375,000 Worth of Crypto from ‘Tax Dodgers’
Incheon, South Korea, has reported the confiscation of $375,000 in cryptoassets from residents accused of tax evasion. The city collected these funds from 298 individuals who attempted to conceal earnings in token #wallets , including #virtual currencies like Bitcoin. Tax-evading citizens are expected to choose between settling tax bills and fines or having their coins liquidated and sold. This action is part of an ongoing region-by-region crackdown on crypto-holding tax evaders involving central and local tax agencies.
In recent years, the National Tax Service (NTS) and customs service have equipped themselves with new crypto monitoring tools. In addition to virtual currencies, Incheon's tax service seized various assets, leading to a total of over $43.6 million raised from tax evaders in fiscal year 2023. Since 2021, Incheon has launched dedicated tax evasion investigation teams and implemented seven new high-tech tools, including crypto-related solutions, to create a more effective collection network. In September 2022, South Korean tax officials reported seizing $186 million worth of cryptoassets, and by December 2022, #coins had been seized from almost 6,000 citizens as part of the continued crackdown on tax evasion.
Source - Tim Alper @tim-alper
Website - Cryptonews
