Terra suspected of tax evasion
Furthermore, news reports this week stated that Terraform Labs still has to pay a large fine to the South Korean tax authorities. The founder of Terra, however, said that his organization no longer has any outstanding tax debt in South Korea. The National Tax Authorities have carried out a check on all crypto companies. The Korean tax code was applied to every foreign company and it turned out that Terra paid the full amount.
According to reports, South Korea’s tax authorities are looking for Terra’s founder to levy a tax of about $74 million. The tax authorities are on Kwon’s heels because of corporate and income tax evasion. It was also reported that Terra was not happy with the country’s tax policies.
Kwon refuted the reports, claiming that these were gossip. Meanwhile, he argued that the Korean government needed money to keep up with covid spending. They charged a million to crypto companies and Terra paid the full amount.
Meanwhile, reports are also emerging that game makers are accusing Kwon of various things. To this, Kwon replied that he is willing to cooperate as best he can with any legislative inquiry.