[자막뉴스] Let the price of cryptocurrency soar…How the Internal Revenue Service collected 36.6 billion won

The price of bitcoin, the leader of cryptocurrency, is skyrocketing.

Last Sunday, the price of 1 bitcoin on the exchange Bithumb surpassed 70 million won for the first time ever.

As the price of bitcoin soared, large delinquents stole their hidden assets into virtual assets, and the IRS quickly initiated a forced collection.

Mr. A, who runs a hospital in Gangnam, Seoul and lives in an expensive apartment, did not pay 2.7 billion won in taxes and hid 3.9 billion won in virtual assets.

When the IRS seized Mr. A’s virtual assets, the entire amount was paid in cash.

Delinquent B sold a real estate worth 4.8 billion won, and did not pay 1.2 billion won in capital gains tax, and was confiscated and collected in cash while hiding this money in a virtual asset.

An official from the National Tax Service explained that it was not the virtual asset itself, but that the cryptocurrency owners seized the withdrawal receivables they had against the exchange, thereby blocking the right to pay the sale price that the cryptocurrency owner could request from the exchange.

The National Tax Service collected and analyzed virtual assets of high-payers from the exchange and compulsory collection of KRW 33.6 billion for 2,416 people.

In particular, it is expected that the effectiveness of cash collection will increase further as the price of bitcoin etc. surges.

[정철우 / 국세청 징세법무국장 : 반사회적 체납에 대해 새로운 기획·분석을 추진하는 등 다양한 징수방안을 강구해 엄정하게 대응하고 있습니다. 국세청은 신종 은닉수법에 대해 신속하게 대응해 고액체납자 은닉재산을 끝까지 추적·환수하겠습니다.]

From next year, taxation on income generated from cryptocurrency will begin, and tax authorities will be able to receive periodic reports of cryptocurrency holdings from exchanges.

Reporter: Inseok Oh
Filming Reporter: Park Dong-il
Video editing: Yongjun Yoon
Graphics: Kangkyu Lee
Subtitle News: Yoo Ji Hye

[저작권자(c) YTN & YTN plus 무단전재 및 재배포 금지]