The National Tax Service (NTS) of South Korea has imposed a levy of over $41 million on Wemade, a company involved in cryptocurrency activities. Wemade disclosed that as a result of a corporate tax investigation by the Central Regional Tax Office for the years 2019 to 2022, they were assessed with a levy of $41 million.
The due date for this payment is set for the next month on the 29th, with the levy amounting to 10.05% of the company’s equity capital. This amount is a cumulative total imposed on both Wemade and its subsidiary, Wemade Tree.
The NTS’s decision to impose the levy reportedly stems from its investigation into the WEMIX cryptocurrency, which was issued and used by Wemade and Wemade Tree in the past.
A Wemade representative stated, “The tax amount, resulting from the accounting and tax treatment of WEMIX used from 2019 to 2022, will be paid diligently. With the tax treatment of virtual assets becoming clearer, we expect increased business stability.”
