According to recent reports, the National Tax Service (NTS) of South Korea has begun a “special tax inquiry” into the cryptocurrency exchange known as Bithumb.
Officials are looking into whether or not the crypto platform Bithumb complies with the applicable tax legislation.
According to recent reports, the National Tax Service (NTS) of South Korea has begun what is being referred to as a “special tax inquiry” against Bithumb Korea and Bithumb Holdings.
Yonhap News Agency, a prominent South Korean news agency, was the first to announce that on January 10, tax authorities stormed the offices of Bithumb in Gangnam-gu, Seoul, in order to examine whether or not Bithumb complied with tax legislation on the activities of cryptocurrency traders.
According to the source, the tax authorities are conducting an investigation into the possibility of tax avoidance by probing both local and foreign transactions conducted by Bithumb Korea, Bithumb Holdings, and their affiliates. The investigation is being overseen by the 4th Bureau of Investigation of the Seoul Regional Tax Service, which is a division of the National Tax Service.
It is not the first time that Bithumb has been the subject of a tax investigation. In 2018, NTS began an inquiry into the company and subsequently obtained an income tax payment of 64 million dollars and 80 billion won.
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