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South Korea’s National Tax Service Exclusive Audit of Korea Digital Trade Concludes With Early Dismissal | Company

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SEOUL, South Korea–(Business WIRE)–Might 20, 2021–

The Korea Digital Exchange (CEO Seok-jin Kim, hereinafter referred to as Flybit), the operator of the virtual asset exchange Flybit, announced on the 20th that it has obtained the detect of an early dismissal of the tax investigation from the Countrywide Tax Service.

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The operator of the virtual asset trade Flybit, the Korea Electronic Exchange has acquired the see of early dismissal of the tax investigation without having imposition from the Korean National Tax Assistance. Flybit has fulfilled obligations to report and situation VAT and other responsibilities on digital assets, as perfectly as complying with all regional compliance and rules in accordance to applicable accounting criteria and tax regulations. Flybit will carry on to cooperate in good religion and transparency of its bookkeeping and accounting strategies as stipulated by the Korean governing administration in the provision of responsible accounting info. (Graphic: Small business Wire)

The specific tax audit was dismissed early without having imposition. Flybit will proceed to cooperate in very good faith and transparency of its bookkeeping and accounting approaches as stipulated by Korea’s National Tax Service in the provision of dependable accounting details.

Flybit has faithfully fulfilled obligations to report and situation VAT and other responsibilities on digital assets, as properly as complying with all local compliance and regulations in accordance to relevant accounting expectations and tax legislation.

Preceding investigations of the Nationwide Tax Assistance have implied that the time period of tax investigation might be minimized and concluded early when proven to not have any realistic reward by means of more investigation in addition to lively cooperation by the issue of the investigation.

Flybit Compliance Officer Oh Yohan mentioned, “Recently, we have secured economic soundness (KRW 8.4 billion, 3rd domestically according to sector) via a paid-in funds maximize. In accordance with the recommendations of the tax authorities, we prepare to concentration on customer safety and maximizing rights and interests by planning various institutional mechanisms this sort of as the progress of a tax reporting procedure so that people can conveniently and accurately report tax returns for digital property, which is scheduled to be applied from future 12 months.” He additional, “As Flybit has formulated a compliance method, it designs to continually observe tax payments in good religion as a result of transparent accounting and tax approach centered on ethical management.”

Flybit frequently conducts exterior audits and tax adjustment as a result of ‘Dong-A Songgang Accounting Firm,’ the world’s 3rd-premier Allinial member agency, and ‘Anjin Accounting Firm,’ a substantial world wide accounting company, to enrich company accounting and tax transparency.

Check out source model on businesswire.com:https://www.businesswire.com/information/household/20210520005370/en/

Make contact with: Korea Digital Exchange

Misong Kang

+82-10-7221-9902

[email protected]

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Source: Korea Electronic Exchange

Copyright Business enterprise Wire 2021.

PUB: 05/20/2021 07:00 AM/DISC: 05/20/2021 07:02 AM

http://www.businesswire.com/news/house/20210520005370/en

Copyright Company Wire 2021.

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