Tax Tribunal Decides to Reinvestigate Ownership of Coin Wallet

The Tax Tribunal has decided to reinvestigate the inheritance tax assessment on digital assets in a personal wallet that was considered owned by the father. The spouse and children of the deceased, Mr. A, filed a complaint against the head of the Yangcheon Tax Office, and the Tax Tribunal deemed it appropriate to reassess the actual owner of the digital assets and adjust the inheritance tax base and amount accordingly. Mr. A passed away on July 7, 2024, and the National Tax Service viewed the two transfers of digital assets to Mr. A's son, Mr. B's wallet, as evidence that Mr. A effectively controlled and managed the personal wallet. However, the heirs argued that Mr. A was not the actual owner of the wallet and that the management of the digital assets was handled by a non-profit foundation in Singapore. The Tax Tribunal pointed out that transactions and storage of digital assets can occur for various reasons, making it difficult to conclude that Mr. A effectively controlled and managed the wallet. Furthermore, it emphasized the need to investigate the owner of the main trading wallet and the name on the final overseas exchange account.

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