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 carried out a system of seizing the digital property of tax delinquents to strain them to pay taxes. The authorities seized the delinquents’ accounts or property primarily based on info acquired 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 line with the report. After the seizure, the person paid the taxes and requested that his property not be bought.
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 information was supplied by the Ministry of Technique and Finance, Ministry of Public Administration and Safety, Nationwide Tax Service, and different authorities businesses.