Korean Tax Authorities Plan to Collect $78 Million in Additional Taxes from LFG

Korean tax authorities are planning to impose a 100 billion won (about $78 million) additional tax on LFG. LFG is reportedly considered a Korean legal entity because although it is incorporated in Singapore, its actual management is in Korea. If the Bitcoins purchased by Do Kwon representatives are sent to LFG, they are likewise interpreted as gratuitous gifts and will likely be subject to additional taxation.