BITHUMB CONFIDENT IN CASE OF CONTROVERSIAL TAX BILL OF 67 MILLION DOLLARS

Posted 28 July, 2020

South Korea's market-leading crypto exchange Bithumb could win its 67 million dollar lawsuit against the country's tax authorities.

According to the Digital Times, analysts believe that Bithumb has the upper hand in the fight against a tax bill it received in December last year. The South Korean tax authority said at the time that overseas customers had used the platform tax-free and calculated that their transactions were billed at $ 67 million - payable by Bithumb and not by its customers.

In January of this year, Bithumb initiated a lawsuit against the tax authorities and described the invoice as "unfounded".

And half a year later, it looks as if Bithumb could tip the bill successfully, the media reported.

Bithumb has reviewed the legality of the unprecedented tax bill and concluded that it had received "reasonable assurance" that it would not have to pay the taxpayer's fees.

However, the same medium said that the court's decision in the Bithumb case was "long overdue" since tax law cases were usually resolved within 90 days.

Regardless, the industry seems to agree that Bithumb is unlikely to be forced to make a decision. Experts pointed out that the South Korean crypto tax laws still have to be voted by the National Assembly, which is not currently in session. Proposals to introduce a 20% tax on income from crypto trading of around USD 2,100 have been made, but will not be announced until at least October 2021.

An unnamed official of a crypto exchange said that the fact that the Treasury had not subsequently made another change with a similar tax bill was a clear indication that Bithumb was almost certain to win his case.

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