Nominee for Commissioner of the Korean National Tax Service: Will Crack Down on Tax Evasion in Virtual Asset Transactions

According to a report by Jinse Finance, citing Yonhap News Agency, Lim Gwang-hyeon (transliteration), the nominee for Commissioner of the Korean National Tax Service, stated at a personnel hearing before the National Assembly’s Planning and Finance Committee that efforts to crack down on tax evasion using virtual assets and other new forms of transactions will be strengthened. Lim emphasized the establishment and improvement of a virtual asset transaction information collection system to proactively address emerging tax evasion methods. He also plans to prevent anti-social overseas tax evasion and the outflow of national wealth by expanding tax information exchanges with foreign countries and diversifying channels for collecting overseas information. In addition, Lim said that artificial intelligence technology will be used to upgrade the tax evasion detection system, automatically extracting suspected tax evasion points by analyzing basic data such as financial statements, while taking firm measures against activities such as stock price manipulation, capital transactions by controlling shareholders through alternative means, and illegal profiteering.