In a series of tweets on Twitter today, Terra founder Do Kwon said that the company does not have any tax liabilities in Korea. Moreover, NTS conducted a tax audit across all major crypto companies with a presence in Korea and applied Korean tax laws to foreign mother companies, and they all ended up paying, including Terra.
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
The news about Terra evading tax in South Korea attracted attention from crypto enthusiasts, but it has no bearing on what is going on at Terra, he added.
Do Kwon said the government collected millions of dollars from cryptocurrencies in order to shore up covid spending.
Adding to this he said, “TFL and LFG get nothing from Terra 2.0 – we’re just trying to make sure the community has a place to keep building. We are happy to answer any litigation or investigation that comes our way – we have nothing to hide.”
Upon being asked if he has burned the Luna for-profits, Do Kwon replied that he does not possess the means to do so, and the company owns less than 0.1% of the Luna, so the reports of him selling millions of Luna are false.