Gwacheon City in South Korea will launch a virtual asset electronic seizure system next month to combat tax evasion. This initiative aims to identify hidden assets among 361 individuals who owe over $2,060 in local taxes, totaling approximately $12.9 million in arrears. The authorities will compare taxpayer records with data from significant domestic crypto exchanges to track these evaders. South Korea's government plans a 20% crypto tax until 2027, enabling local agencies to seize digital assets from delinquent taxpayers. Gwacheon officials emphasize that this measure is vital for ensuring tax fairness and justice. Before asset seizures, residents will receive warnings to encourage voluntary payments. The city has already confiscated $206,000 in crypto from tax evaders over the past five years. As South Korea intensifies its efforts against tax evasion, new budget amendments propose allowing tax authorities to audit undisclosed past crypto gains, with hefty penalties for noncompliance.

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