South Korea, Singapore to exchange experience on virtual asset taxation

South Korea’s National Tax Service plans to expand its cooperation network with Asia-Pacific tax authorities to track down and collect delinquent assets hidden overseas, Etoday reported. NTS Commissioner Lim Kwang-hyun attended the 55th Study Group on Asia-Pacific Tax Administration and Research meeting in Singapore on Sept. 8-9, where participants discussed related cooperation measures, and South Korea and Singapore agreed to hold a working-level meeting to exchange South Korea’s expertise in operating inheritance tax and electronic tax invoice systems and Singapore’s experience in taxing virtual assets.