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