RATE Group | Bithumb Crypto Exchange Reportedly Considers Litigating $68.9M Tax Bill
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Bithumb Crypto Exchange Reportedly Considers Litigating $68.9M Tax Bill

29 Dec Bithumb Crypto Exchange Reportedly Considers Litigating $68.9M Tax Bill

Posted at 13:32h in Cryptocurrency News by

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Major South Korean cryptocurrency exchange Bithumb is reportedly looking to undertake administrative litigation over an $68.9 million (80 billion won) tax bill.

English-language local news outlet KoreaHerald reported on Dec. 29 that the local tax agency has handed down over 80 billion won in taxation on the exchange.

A first occurrence of its kind in South Korea

The outlet notes that according to documents published by Bithumb’s largest shareholder Vidente via the financial supervisory services, the National Tax Service forced the exchange to pay the withholding taxes on trading activities of foreign customers. Vidente reportedly found out about the tax earlier this week, after acquiring a 34.24% stake in the parent company of the cryptocurrency exchange.

KoreaHerald explains that a foreign corporation that has no permanent establishment in South Korea has to pay withholding tax. Still, such taxation rules have not yet been applied to the cryptocurrency trading industry. While…

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