The city officials in Cheolje have gone to collect unpaid local taxes by holding Cryptacurencies to residents, according to reports. Since 2021, officials claimed to refer to 203 people who failed to pay local tax return.
For those, CRYPTO from 161 people were already frozen or taken, and the city that measures the amount restored for about 1.5 billion winners (approximately $ 1.1 million).
City Open the exchange account
According to the city statements, Cheonje created a trading account with a domestic Crypto exchange to make a convenience and conversion. Change stories because it allows managers not only property but also sold and spend money on excessive tax deductions.
The authorities tell journalists now have a clear turn of Crypto Holdings into tax return fee.
How the blink is made
Reports describes a multi-step process. Tax offices point to unpaid Citizens. Then they ask for details in exchange to see if those people hold the visible assets.
When ownership is guaranteed, the exchange is instrumental in suspension or transfer assets in the Municipal account. If taxpayers do not stay debt, the city can fix withdrawal and use the payment money to cover your debt.
As of today, the market cap of cryptocurrencies stood at $3.85 trillion. Chart: TradingView
Some local government took similar steps
Several other towns in Korea and the region used the same tactics. Juju City investigated 2,962 people for unpaid taxes and received 49 of them who held a Crypto worth about 230 million.
The unpaid Juju list is about 19.7 billion winner. The Uglachon, in Gyeonggi Province, designed a “visible electric property system and has recovered about 300 million winners in recent years, to the residents who owe more than three million local taxes.
Puju sent notifications to 17 people who owe about 124 million and were arrested about 100 million winners in the same conditions.
Results and Survage
The travel emphasizes how local government opens the exchange of information and using the tax excellent capacity. Some citizens and audiences are clearly concerned and appropriate procedure.
Questions include quick exchange for immediate operation, that taxpayers receive appropriate notice, and how the stability is made when trading goods. Reports also note the growing use of data tools, including AI, in other cities to find stored.
City authorities say they want to comply with
Based on reports, city leaders receive these acts as attempts to establish tax overventions through material goods. They warn the residents that the Cryptocurrency cannot be used to hide tax obligations.
Nevertheless, the challenges of the Act may arise, and the complaints from the residents are affected may oppress some cases in court.
Picture entered from Unscwassh / Matthew Schwartz, Chart from Trading
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