South Korea will look to tighten a crackdown on tax evasion by cryptocurrency investors and high-income earners as it seeks fresh revenue to cover rising welfare costs, its finance ministry said on Monday.
The government proposes revising tax codes so that tax authorities will be able to seize crypto assets held by tax dodgers even if their cryptocurrencies are stored in digital wallets, starting next year.Current regulations make it difficult for authorities to confiscate virtual assets held in digital wallets, although those accessible through exchanges can be seized to pay overdue taxes.
The government has been hiking taxes from big earners and conglomerates to ensure wealthy citizens share the burden of growing costs of an aging population, as South Korea became the world's fastest-aging society with the lowest birth rate anywhere in 2020. "Although that 1.5 trillion can't be described as tax neutral, it isn't that big of an amount and something necessary as we revised tax codes," finance minister Hong Nam-ki said at a news conference.
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