1 year ago
The National Tax Service (NTS) of Korea opened a “special taxation investigation” into the affairs of Bithumb Holdings and its subsidiary companies, according to Korean quality outlet Yonhap News.
Tax authorities are scrutinizing each radical company’s home and planetary transactions to uncover imaginable taxation evasion and wealth laundering.
Former Bithumb Holdings Chair Lee Jung-Hoon was precocious cleared of fraud charges implicit a deficiency of evidence. The incidental stemmed from the alleged theft of $100 cardinal from the Chair of the BK Medical Group, Kim Byung-Gun, who was negotiating an acquisition deal.
The embezzlement probe turned up links betwixt Bithumb and an idiosyncratic named Kang Jong-hyeon, who is suspected of moving the institution from down the scenes.
As portion of its probe into Bithumb companies, the NTS besides intends to probe Kang’s idiosyncratic taxation affairs and those of his sister Kang Ji-yeon.
Tax authorities person antecedently investigated Bithumb
In 2019, pursuing a taxation probe, Bithumb Korea was deed with an ₩80 billion ($69 million) taxation measure successful narration to withholding taxation connected overseas customers’ incomes.
The steadfast responded by saying it was inappropriate to levy withholding taxation arsenic it already pays firm and section income taxes connected its operating profits.
Similarly, successful 2018, an probe recovered Bithumb not blameworthy of taxation evasion but the institution was inactive slapped with a ₩30 billion ($28 million) measure for backmost taxes relating to years 2014 to 2017.
The station Korean taxation authorities analyse Bithumb, subsidiaries appeared archetypal connected CryptoSlate.
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