South Korea’s tax agency vows to take stern action vs evaders

South Korea's National Tax Service has pledged to take firm actions against tax evasion practices via virtual assets, including cryptocurrency, and online platforms. The country’s tax agency clarified that this kind of new tax evasion is hampering justice in the market as well as fairness in taxation. Though Korea’s tax authority has yet to levy taxes on gains on the trading of cryptocurrencies, these kind of virtual assets have been in active use for money-laundering. The cryptocurrency has also been used to evade inheritance and gift taxes. Online platform operators are also one of the core targets of the tax agency. The tax agency also signalled a fully-fledged inquiry into those businesses which are allegedly fanning inflation through a dubious supply of raw materials.