{"id":29970,"date":"2020-10-12T17:27:38","date_gmt":"2020-10-12T14:27:38","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=29970"},"modified":"2025-08-27T19:55:49","modified_gmt":"2025-08-27T16:55:49","slug":"south-koreas-tax-agency-deems-the-68-9-million-bithumb-tax-levy-legitimate","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/south-koreas-tax-agency-deems-the-68-9-million-bithumb-tax-levy-legitimate\/","title":{"rendered":"South Korea&#8217;s tax agency deems the $68.9 million Bithumb tax levy legitimate"},"content":{"rendered":"<p>The demand for an additional tax from the cryptocurrency exchange Bithumb is fully justified. This is the view of the National Tax Service of South Korea.<!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Korean tax service director indicates that the $70 million tax bill levied on Bithumb last year is legitimate. The issue is still under appeal in the courts.<\/p>\n<p>The bill came from transactions made by non-residents of ROK on Bithumb.<\/p>\n<p>\u2014 TheNews.Asia (\ub354\ub274\uc2a4\uc544\uc2dc\uc544) (@TheNewsDotAsia) <a href=\"https:\/\/twitter.com\/TheNewsDotAsia\/status\/1315589083498831873?ref_src=twsrc%5Etfw\">October 12, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The agency responded to a recent statement by Pak Hyung-su, a representative of the Planning and Finance Committee of the National Assembly. According to him, the tax authorities&#8217; demands are unfounded. Under current law, income from personal cryptocurrency transactions is not taxed.<\/p>\n<p>At the end of 2019, the National Tax Service demanded 80 billion won ($68.9 million at the time) from Bithumb as tax on profits earned from investments by foreign users of the exchange. The company is appealing the decision in court.<\/p>\n<p>This is not the only problem the trading platform has faced recently. In September, the Seoul police <a href=\"https:\/\/u1f987.com\/en\/news\/police-raid-at-the-office-of-south-koreas-bitcoin-exchange-bithumb\">conducted<\/a> a series of searches at Bithumb offices.<\/p>\n<p>After that, the exchange&#8217;s CEO, Lee Jong-hoon, <a href=\"https:\/\/u1f987.com\/en\/news\/police-seize-part-of-bithumb-holdings-shares-during-third-raid-in-a-month\">was summoned<\/a> for questioning in the case of fraud involving the native Bithumb token BXA.<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/www.facebook.com\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The demand for an additional tax from the cryptocurrency exchange Bithumb is fully justified. This is the view of the National Tax Service of South Korea.<\/p>\n","protected":false},"author":1,"featured_media":29971,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[973,1166,974,558],"class_list":["post-29970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bithumb","tag-centralized-exchanges-cex","tag-south-korea","tag-taxes"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/29970","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=29970"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/29970\/revisions"}],"predecessor-version":[{"id":29972,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/29970\/revisions\/29972"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/29971"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=29970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=29970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=29970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}