South Korea and Singapore Exchange Virtual Asset Taxation Experience

The National Tax Service announced it is expanding its cooperation network with Asian-Pacific tax authorities to track and collect concealed unpaid assets overseas, according to Yonhap News Agency. Commissioner Im Kwang-hyun attended the 55th Asia-Pacific Tax Administrators Meeting (SGATAR) in Singapore on August 8-9, where they discussed collaboration plans. South Korea will share its expertise in inheritance tax and electronic tax invoice systems, while Singapore will exchange its virtual asset taxation experience through a practical working session.