South Korea, the UK, and Bulgaria are reportedly preparing to track down people suspected of using digital assets to evade tax.
South Korea’s National Tax Agency plans to further cooperate with Bulgaria and the UK to track people using “new financial products” such as cryptocurrencies to evade taxes, a local newspaper reported. Kim Dae-Ji, Head of South Korea’s National Tax Agency, held a meeting with tax executives from Bulgaria and the UK this week to discuss the “increase of tax evasion” through digital assets. Dae-Ji last week also met with Jim Harra, Head of the UK Revenue and Customs Commission; Two days later, he met with the Director of the Bulgarian National Revenue Service, General Rumen Spetsov. Discussions focused on sharing accurate and precise income information from people suspected of tax evasion.
Although South Korea is a country that has made a name for itself with its positive steps towards crypto assets, the taxation of crypto assets stands out as an important issue due to its strict regulatory system for digital assets.
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