Terraform CEO Do Kwon claimed that contrary to media reports, his company has no tax liability in South Korea.
Kwon addressed allegations of unpaid tax debts in the media today on his Twitter account. In his statement, he claimed that his company has no tax liability in South Korea. According to media reports, Terraform Labs is being investigated for more than $78 million in unpaid corporate taxes. Kwon said:
“We don’t owe any unpaid taxes in Korea
NTS has conducted a tax audit on all major cryptocurrency companies in Korea and has foreign parent companies in Korea. applied the tax code. As a result, each company paid. So we paid in full
nothing special to TFL”
We have no outstanding tax liabilities in Korea
The NTS did conduct a tax audit across all the major crypto cos with a presence in Korea and applied Korean tax code to foreign mother companies, and every company ended up paying as a result – we paid in full
Not unique to TFL
— Do Kwon 🌕 (@stablekwon) May 21, 2022
Kwon also said that he has been in Singapore since December 2021.
