South Korean YouTuber Earns “Millions of dollars” in Undeclared Crypto Income
Tax officials in South Korea have revealed that a YouTuber from South Korea received millions of dollars worth of undeclared crypto income following a crackdown on “tax dodgers” who use social media.
KBS The National Tax Service (NTS), reported that an “intensive tax investigation” was launched into 84 individuals, including popular YouTubers and web-based cartoon (“webtoon”) authors.
The NTS investigation seems to have paid off – NTS found evidence of “all types” of tax evasion techniques. These “techniques” include asking subscribers and fans to pay crypto content.
NTS explained that one instance involved a YouTuber who is specialized in stock trading advice. According to the tax body, the YouTuber offered subscribers private investment training videos and requested payment in cryptoassets.
The YouTuber received millions of dollars worth of coins and used “borrowed name” bank accounts to pay customers.
The YouTuber, however, failed to declare their income and actively “evaded reporting,” NTS stated.
Webtoon authors often ask for donations in crypto and cash.
South Korean Crypto Tax Crackdown. YouTuber Updates to Be Caught
South Korean tax authorities have been trying to clamp down on those who have failed to report income in recent times. They are especially interested in monitoring people who attempt to evade tax by purchasing or receiving crypto.
Politicians have helped them in their efforts. Recent legal amendments permit the NTS access to account information from domestic crypto-exchanges.
This has allowed them to trace and seize almost 6,000 people’s undeclared income worth billions of dollars. The NTS may have even liquidated coins in some cases.
These efforts have been supported by local tax authorities. The NTS reported last year that it had seized $186 million worth crypto from tax evaders between 2020 and 2022.