South Korea’s customs service reminded miners of the need to declare imported bitcoin-mining equipment as supplies rise. Kyungin Ilbo reports.
Officials from Incheon Customs, one of the country’s largest ports, told the publication about the growth in imports of mining devices. According to the agency, from October 2020 to January 2021 officers seized 41 shipments of devices. In 2019 only one such case was recorded, the media notes.
A customs official told Kyungin Ilbo that imports for personal use are exempt from duties — provided the value of the goods does not exceed $150. In other cases, importers must declare the goods.
“In case of evading payment of customs duties, incorrect indication of price, name and quantity of the goods, or their import on behalf of several people, a penalty awaits,” the customs said.
As noted earlier, since 1 January 2022, South Korean traders are obliged to pay tax on profits from trading cryptocurrencies.
Until September 2021, local Bitcoin exchanges were required to complete KYC procedures under the Special Payments Act. The act also envisages a ban on anonymous cryptocurrencies.
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