A Taxman Reportedly Awarded by Korean Civil Services for Finding Tax Evasion Funds 0 211

The tax service in South Korea is now very happy and excited about the recent achievements demonstrated by its tax officers. Ever since the beginning of 2021, the South Korean Government and regulatory authorities are after-tax evaders from the cryptocurrency sector.

Since the beginning of 2021, the authorities have been making all the efforts to bring down people that have been evading taxes. After starting their work to get their hands on the tax evaders, the tax services have gotten their hands on many people.

Ever since they started with their efforts, the tax officers have caught several tax evaders. In the process, these officers have helped the tax services recover millions of dollars in the form of cryptocurrencies.

Recently, the tax service in South Korea has honored a particular tax officer that has outperformed all other officers. He has not only helped tackle many tax evaders but he has also helped catch one of the top tax evaders. The report suggests that the particular tax evader had $32.3 million worth of cryptocurrency stashed that had not been revealed.

Based on the above, the National Tax Service (NTS) has taken the stop of honoring the tax officer who has performed the best in this particular matter. The name of the particular tax officer is Hwan Byung-gwang. The National Tax Service has reportedly honored him with the title “excellent civil servant”.

Byung-gwang was responsible for pointing out the locations of many tax evaders that had been hiding large sums of cryptocurrencies. His hard work and keen understanding of the situation have helped authorities catch these tax evaders when they thought they are untouchable.

The report readied in favor of Mr. Hwang shows how his hard work and keen investigative skills helped him track and hunt down tax evaders. These evaders were hiding away $32.3 million worth of cryptocurrencies.

Mr. Hwang was also honored by all the executives at NTS as they gathered and thanked him for his input and dedication. They also gathered to take a photo with him to commemorate the ceremony. The particular ceremony was held on Saturday, June 26, 2021.

The South Korean tax services are constantly making all the efforts to track down all tax evaders. So far, the NTS has made a lot of progress and has managed to take down many of them. So far, the NTS has recorded more than 2,400 as successfully tackled and solved.

So far, the Seoul Capital has been cleared of all the tax evaders. According to data, there were around 1,500 individuals identified as tax evaders and all of them have been met with legal actions and fines.

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IMF Says Russia and Iran May Use Crypto Mining for Monetizing Energy 0 42

The April 2022Global Financial Stability Report of the IMF has highlighted the consequences of the ongoing Russian invasion of Ukraine. The document said that the role of the US dollar was bound to be affected because of the conflict, as it would lead to the introduction of central bank digital currencies (CBDCs) and the global financial system’s resiliency would also be put to a test. The climate transition goals could also be put at risk because of the priorities associated with energy security. Another issue that would have to be dealt with in the coming years by lawmakers is the ‘cryptoization’ which is likely to occur because emerging markets are experiencing a widespread use of crypto.

IMF cited an increase in crypto trading volumes seen after the introduction of sanctions on Russia to back their statement. This included the financial penalties that had been imposed by Western nations on Russia because of its military invasion. The report said that such cross-border transactions were increasing in the long-term, which means that there would be challenges when it comes to imposing sanctions and managing capital flow. The IMF noted that crypto transactions have increased in both Russia and Ukraine because of the capital restrictions that have been imposed.

However, it is important to note that there has been a fall in liquidity in centralized exchanges where the hryvnia and ruble trading pairs are concerned. Therefore, using crypto exchanges for making large transfers has become rather impractical due to reduced liquidity. But, the IMF admitted that users do have the option of evading some measures via the crypto ecosystem because the identity verification requirements are quite lax in this industry. Hence, the international organization said that blocking new deposits of ruble and freezing crypto assets meant that users could have shifted to non-complying or less transparent crypto platforms and service providers.

Experts at IMF believe that both Russia and Iran could circumvent their respective sanctions via crypto mining. The nations could use their energy resources for generating revenue via crypto mining outside of the traditional financial system. Currently, the countries have a limited share of crypto mining activities, but there is a possibility that it could be increased, considering the size of the mining industry. The IMF quoted estimates showing that almost 11% of the mining revenues of bitcoin could have gone to Russia, which was around $1.4 billion per month, while Iran’s share had been 3%.

Bank of England Says Crypto Assets have Financial Stability Risks 0 81

On Thursday, the Financial Policy Committee of the Bank of England disclosed that they are working on developing a regulatory framework for digital assets. The central bank also made a reference to the sanctions that have been imposed because of the war between Russia and Ukraine in the statements. Bureaucrats and financial regulatory authorities all over the world have become increasingly concerned in recent times that Russia could take advantage of crypto assets to bypass the economic sanctions that have been imposed. The press statement of the BOE said that it was unlikely for crypto assets to provide Russia with a feasible way to get around sanctions at a large scale for now, but there was a possibility they could do so.

Therefore, it is a must to ensure that there are effective public policy frameworksthat can accompany innovation in crypto assets for maintaining the integrity and trust in the financial system. The crypto economy has been highly criticized by some members of the Bank of England for quite a while. Last year in mid-November, Andrew Bailey, the Governor of the Bank of England, had expressed his concerns about the adoption of bitcoin as legal tender in El Salvador. Sir Jon Cunliffe, the deputy governor for financial stability for the central bank, said in the following month that prices of crypto assets could drop to zero.

On Thursday, the report of the FPC talked about financial stability. The committee of the central bank noted that the FPC is assessing the risks to the financial system’s stability and it has concluded that these are currently limited. This is because their size remains limited for now and they are not that connected with the wider financial system. However, the FPC said that if they continue to grow at the same pace, and if they become interconnected with the overall financial system, then these crypto assets could pose a risk to the stability of the financial system.

Since the conflict between Russia and Ukraine began, politicians and lawmakers all over the globe have been discussing, developing, or even proposing laws aimed at regulating and researching digital currencies. The FPC’s statements on Thursday show that the BOE wants to classify crypto assets in the same category as it does traditional financial assets. Not only does the FPC plan on developing a regulatory framework that would govern digital assets, it has also mentioned stablecoins.

The FPC said that a major stablecoin that does not have a reliable deposit guarantee could turn out to be a risk to the UK’s financial system. According to the committee, if they introduce a systemic stablecoin, which is backed through a deposit mad with a commercial bank, it would result in significant risks to the stability of the financial system. All of this talk about crypto has been brought forward because of the Russian-Ukraine conflict and the possibility of the former using cryptocurrencies to evade the tough economic sanctions that have been imposed by Western nations due to its actions.

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