The Director of the Tax Administration of South Korea is sure that the claim to recover 80 billion won ($70 million) of Bithumb cryptocurrency from the exchange is fully justified. This is reported by TheNews.Asia.
For the first time, information about the tax officials' claims appeared at the end of last year. According to the authorities, Bithumb has not withheld the statutory tax from foreign users who traded on its platform. However, the company itself sees no technical possibility to collect the tax from foreign users and tries to appeal the decision. At present, the case is still pending in court.
Shortly before the recent events, Park Hyung-su of the Planning and Finance Committee of South Korea's National Assembly expressed confidence that the tax authorities' demands were unfounded.
"Under current law, income from personal crypt-currency transactions, whether inside or outside the country, is not regulated or taxable," he said.
Meanwhile, the development of legislation for the taxation of cryptocurrency in South Korea continues. According to Finance Minister Hong Nam Ki, they can be recognized as financial assets for this purpose. He also noted that the main problem in this matter is the tracking of transactions and transactions.
"If we are able to transparently and systematically monitor trade in cryptographic assets, we can consider their taxation as financial assets," Hong said.