Ren Guangxuan, a candidate for the director of the Korea National Tax Service, announced plans to improve the digital asset transaction management system to prevent tax evasion.
MAIN CONTENT
South Korea will complete the digital asset transaction recording system.
Measures to prevent tax evasion through new transaction methods.
The plan was presented during a hearing at the National Assembly's Planning and Finance Committee.
What did Mr. Ren Guangxuan say about anti-cryptocurrency tax evasion in Korea?
At a hearing of the National Assembly's Planning and Finance Committee, Mr. Ren Guangxuan pledged to promote the adjustment and upgrading of the digital asset transaction data collection system to prevent the increasingly sophisticated risk of tax evasion.
“The government needs to take proactive action to promptly adapt to new forms of transactions to protect national tax revenues and maintain effective digital asset management,” he said. This is considered an approach based on practical experience and modern financial technology trends.
Completing the virtual transaction system is a turning point to create a transparent tax environment, helping to minimize national budget losses due to tax evasion.
Mr. Ren Guangxuan, Candidate for Director of the Korean National Tax Service, July 2024
Why does cryptocurrency transaction data collection need an upgrade?
New cryptocurrency trading methods are becoming more diverse and complex, making monitoring and data collection more challenging than ever. According to a report by Yonhap News Agency, South Korea is facing a major risk from tax avoidance through anonymous transactions and dodgy asset transfers.
Completing the system helps collect data quickly and accurately, supporting tax authorities in detecting fraudulent behavior, ensuring fairness and transparency in digital asset management.
How is the process of improving the cryptocurrency transaction management system?
Mr. Ren Guangxuan presented a specific plan during a hearing before the National People's Congress, emphasizing that he will closely coordinate with technology and financial units to review and revise current processes, and apply new technologies in accounting and auditing.
Priority will be given to automated data processing, increasing the efficiency of detecting suspicious transactions and promptly responding to sophisticated tax evasion schemes.
The application of high technology and detailed data analysis is key to combating tax evasion in the digital asset sector.
Financial Expert – July 16, 2024, at the Digital Finance Development Forum
What is outstanding about Korea's new approach compared to other countries?
South Korean assessors are taking the lead in integrating cryptocurrency transaction collection systems with AI technology to automate the tax risk assessment process, unlike many countries that still rely heavily on manual monitoring.
Country Management method Applied technology Effectiveness against tax evasion Korea Automatic transaction collection system AI, Big Data, Machine Learning Fast screening, highly effective detection of unusual transactions Other countries Manual monitoring, periodic checks Basic analysis, little AI application Average effectiveness, slow in detecting fraud
Frequently Asked Questions
What is a cryptocurrency transaction collection system? An automated system that records and analyzes cryptocurrency transactions for the purpose of transparency and anti-tax evasion, based on modern technologies such as AI and Big Data. Why is cryptocurrency tax evasion increasingly difficult to control? Due to new, diverse and anonymous forms of transactions, fraud detection becomes more complicated, requiring continuous improvement of the data collection system. What measures are effective in combating tax evasion in the cryptocurrency sector? Applying automatic data analysis technology, improving transaction monitoring, improving transaction collection and review systems to promptly handle fraudulent behavior. What is Mr. Ren Guangxuan's role in improving the cryptocurrency tax system? As a candidate for the leadership of the General Department of Taxation, he is responsible for proposing and directing technological solutions to improve the efficiency of digital asset tax management. How does Korea compare with other countries in cryptocurrency tax management? South Korea has adopted an automated transaction collection system using AI and Big Data, outperforming countries that still rely on manual monitoring and little technology application.
Source: https://tintucbitcoin.com/han-quoc-tax-receipt-dien-tu/
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