National Tax Service notifies Bithumb of 80 billion won in taxes
National Tax Service notifies Bithumb of 80 billion won in taxes
  • Jung Jun-ho
  • 승인 2019.12.31 11:22
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Bithumb, a virtual currency exchange, has received 80 billion won worth of tax notice from the National Tax Service (NTS). It is expected that there will be controversy over whether virtual money will be subject to taxation as it has been levied on customers of virtual currency transactions.

According to industry sources on Dec. 29, Vidente, the largest shareholder of Bithumb Holdings, said that the NTS has levied 80.3 billion won (including local taxes) in connection with the withholding of income tax from foreign customers.

The tax levied by the NTS on Bithumb is income tax for foreigners who earned their income through virtual currency transactions. This means that as a withholding agent, Bithumb should pay income taxes on behalf of foreigners who earn income as they do not their role.

Under normal circumstances, Bithumb can get back taxes from foreign customers, but it can be a "tax bomb" from the perspective of Bithumb as there is no real way to get them.

Industry sources say it is questionable whether Bithumb is a withholding agent. The tax law imposes withholding duties on "income earners," but Bithumb argues that it will only take charge of virtual currency transactions.

However, the NTS maintains that it has no problem as the object who pays income is the Bithumb exchange.

“We plan to faithfully explain our position in the rights relief process," said a Bithumb official.

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