Cryptocurrencies like Bitcoin (BTC) accounted for the largest share of South Korea’s reported overseas assets in the latest report by the country’s tax organization.
South Korea’s National Tax Service (NTS) issued an official announcement on Sept. 20, stating that 1,432 individuals and corporations reported overseas accounts in cryptocurrency this year.
The total reported amount in crypto was 130.8 trillion Korean won (KRW), or $98 million, which makes up more than 70% of the total amount in all reported overseas assets.
According to the official data, a total of 5,419 entities reported their overseas financial accounts, holding a total of 186.4 trillion KRW ($140 million) in assets like cryptocurrencies, stocks as well as deposits and savings.
While cryptocurrencies were the biggest reported overseas assets by the amount of reported assets, deposits and savings accounts were on top based on the number of reports, with 2,952 individuals and companies reporting holding 22.9 twillion KRW ($17 million). Another 1,590 entities reported holding stocks worth 23.4 trillion KRW ($17.6 million).
The NTS mentioned that the tax regulator is planning to heavily scrutinize those who fail to report overseas financial accounts. The authority has been compiling cross-border information exchange data, foreign exchange data and related agency notification data, the NTS noted, adding that it will enforce fines for those who violate the rules. The regulator stated:
“In order to respond to the risk of potential tax base erosion through virtual assets, tax authorities around the world, including the National Tax Service, are preparing to exchange information in accordance with the Information Exchange Reporting Regulations.”
Previously, the South Korean government reportedly postponed the 20% tax crypto gains in July 2023. The tax was supposed to come into effect from early 2023 but has nobeen delayed to 2025.
The UK has re-established diplomatic ties with Syria, David Lammy has said, as he made the first visit to the country by a British minister for 14 years.
The foreign secretary visited Damascus and met with interim president Ahmed al Sharaa, also the leader of the rebel group Hayat Tahrir al-Sham (HTS), and foreign minister Asaad al Shaibani.
In a statement, Mr Lammy said a “stable Syria is in the UK’s interests” and added: “I’ve seen first-hand the remarkable progress Syrians have made in rebuilding their lives and their country.
“After over a decade of conflict, there is renewed hope for the Syrian people.
“The UK is re-establishing diplomatic relations because it is in our interests to support the new government to deliver their commitment to build a stable, more secure and prosperous future for all Syrians.”
Image: Foreign Secretary David Lammy with Syria’s interim president Ahmed al Sharaa in Damascus. Pic: X / @DavidLammy
The Foreign, Commonwealth and Development Office has also announced a £94.5m support package for urgent humanitarian aid and to support the country’s long-term recovery, after a number of British sanctions against the country were lifted in April.
While HTS is still classified as a proscribed terror group, Sir Keir Starmer said last year that it could be removed from the list.
The Syrian president’s office also said on Saturday that the president and Mr Lammy discussed co-operation, as well as the latest developments in the Middle East.
Since Assad fled Syria in December, a transitional government headed by Mr al Sharaa was announced in March and a number of western countries have restored ties.
In May, US President Donald Trump said the United States would lift long-standing sanctions on Syria and normalise relations during a speech at the US-Saudi investment conference.
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From May: Trump says US will end sanctions for Syria
He said he wanted to give the country “a chance at peace” and added: “There is a new government that will hopefully succeed.
“I say good luck, Syria. Show us something special.”
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