Follow us on Telegram for the latest updates: https://t.me/mothershipsg When it rains, it pours for crypto-mogul Kwon Do Hyeong, more commonly known as Do Kwon. The beleaguered founder of the TerraUSD (UST) and Luna cryptocurrencies now reportedly finds himself slapped with a massive tax bill in his native of South Korea, the conclusion of an investigation into whether he had evaded tax payments. According to Hankyung, Kwon, his company Terraform Labs, and other related officials, have been told to pay a levy of over 100 billion won (S$108.5 million) for dodging corporate and income tax. South Korea’s National Tax Service was first put on alert before Luna’s crash when Kwon made moves to liquidate a domestic corporation and take up residence overseas. The move was believed to have been sparked by Kwon’s unhappiness with the country’s taxation policy. The investigation alleged that Terraform Labs had sent cryptocurrencies between its Singapore-registered entities in a bid to avoid paying tax in South Korea. South Korean tax authorities concluded that despite the transaction occurring overseas, they should be subjected to domestic taxes based on the actual location of Terraform Lab’s management. Kwon may also be ordered to pay taxes imposed on Bitcoin acquired… Read full this story
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Luna founder Do Kwon & company faces S$108.5 million bill for allegedly evading taxes in Korea have 323 words, post on mothership.sg at June 25, 2022. This is cached page on Search. If you want remove this page, please contact us.