According to The Korea Times, South Korea recovered 33.9 billion won in tax arrears over nine months and will begin receiving virtual asset transaction data from 56 countries next year.
South Korea’s National Tax Service recovered 33.9 billion won, or about $23 million, in tax arrears over the past nine months through cross-border tax cooperation, according to The Korea Times. The country is set to begin receiving virtual asset transaction data from 56 countries next year under a new crypto asset reporting framework, expanding tax authorities’ visibility into overseas cryptocurrency activity. The development reinforces South Korea’s broader use of international information-sharing to strengthen tax enforcement involving cross-border assets.