Bithumb wins second trial in corporate tax case, Seoul High Court overturns 130 million won verdict

Odaily News Bithumb wins second-instance lawsuit over 130 million won (about $97,000) in corporate tax. On August 20, the Seoul High Court overturned the first-instance verdict and ruled that Bithumb won. The case originated in 2019, when the tax authorities imposed 180 million won (about $134,000) in corporate tax on Bithumb due to its change in virtual asset valuation method, which was later reduced to about 130 million won. The second-instance court held that there were no clear accounting regulations at the time, and that Bithumb's choice of the "grand average method" to value virtual assets was legal, and that the virtual assets it held should not be considered inventory assets, so there was no need to declare a change in valuation method.