- South Korea, land of the free (from taxes, apparently), has conjured up a crypto seizure spell to hunt down and snatch digital treasures from those who’d rather dodge their dues.
- Imagine, in the year of our lord 2024, authorities caught 361 high-rollers hiding their gold (or BTC) and seized a whopping 110M won. Talk about a blockchain bounty!
Gwacheon, a city where dreams are made and taxes are dodged, plans to unveil its very own virtual asset seizure spectacle come September. It’s a bold move against the rich and sneaky, aiming to uncover and claim the digital loot they’ve been hiding from Uncle Sam (or should we say, Uncle Seoul?).
As reported by Energy Kyungjae, Gwacheon’s tax wizards are plotting to weave their IT magic with Gyeonggi Province’s grand scheme of tax sorcery. Their target? A merry band of 361 high-income folk owing 3 million won ($2,250) in back taxes, amounting to a cool 18.8 billion won ($14.1 million).
Gwacheon’s Hunt for High-Rollers: A Tax Adventure
Before seizing any crypto treasures, Gwacheon’s tax enforcers will issue a warning to the culprits, giving them a chance to settle their debts. Should they choose to ignore the call, their digital riches will be confiscated, starting in the first half of 2025. It’s like a modern-day pirate tale, but instead of X marking the spot, it’s a tax notice.
A report tells us that South Korea postponed its crypto tax law until 2027, yet those who didn’t declare their crypto gains will face a 20% penalty. Nevertheless, local tax agencies can now grab digital assets from evaders. Kang Min-ah, the Tax Division Chief of Gwacheon City, sees this as a pivotal moment for tax equity.
“It’s the dawn of a new era in taxation,” Kang declared, “where tax dodgers meet their match, and we actively prevent tax evasion by seizing virtual assets.” It’s like the Wild West, but with spreadsheets and blockchain.
In recent years, Gwacheon has reclaimed around 300 million won ($225,000) in digital assets from tax evaders. In 2024 alone, it recovered 110 million won ($82,000) in crypto holdings. With the new electronic seizure system, the city anticipates even greater success in its quest for tax justice and a reduction in crypto-fueled tax dodging. Will the taxman always win? Only time will tell…
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2025-02-05 15:40