Foreign media: Upbit operator Dunamu loses a 25 billion won corporate tax lawsuit

ChainCatcher news, according to South Korean media Herald, Upbit operator Dunamu lost a corporate tax lawsuit amounting to 25 billion won. The court ruled that unless the government cancels its risk enterprise certification, it cannot benefit from tax reductions. Previously, Dunamu requested the tax authorities to refund approximately 24.8 billion won.

Dunamu initially obtained risk enterprise certification from the Ministry of SMEs and Startups in September 2017, but received a cancellation notice nine months before the two-year validity period expired. At that time, an amendment to the Enforcement Decree of the Risk Enterprise Act excluded the "cryptocurrency trading in blockchain" industry from the scope of risk enterprises. If the risk enterprise certification is canceled, tax and financial benefits cannot be enjoyed. Subsequently, after the cancellation of the risk enterprise certification was confirmed, the tax authorities did not apply the reduction benefits to Dunamu's corporate tax in 2018.

Currently, Dunamu has filed an objection to the court's first-instance ruling and will appeal in the second instance scheduled for October.