Express
Major Cryptocurrency Exchange Bithumb Could Seek Litigation After $68.9 Million Tax Bill
Summary: Bithumb, the major South Korean cryptocurrency exchange, is looking to undertake administrative litigation in response to a $68.9 million tax bill. The National Tax Service made Bithumb pay the withholding taxes on trading activities of foreign customers. In South Korea foreign corporations with no permanent establishment in the country must pay a withholding tax. Currently ...
Bithumb, the major South Korean cryptocurrency exchange, is looking to undertake administrative litigation in response to a $68.9 million tax bill.
The National Tax Service made Bithumb pay the withholding taxes on trading activities of foreign customers. In South Korea foreign corporations with no permanent establishment in the country must pay a withholding tax. Currently there are no such taxation rules that have been applied to the cryptocurrency trading industry. Bithumb will abide by the ruling but plans to continue to fight and may seek administrative litigation.
By Ramsey Baker
Tags: Bithumb,Cryptocurrency Exchange,national tax service,tax bill
Link: Major Cryptocurrency Exchange Bithumb Could Seek Litigation After $68.9 Million Tax Bill [Copy]
