North Korean won
The won (; , ; symbol: ₩; code: KPW) or Korean People's won is the official currency of North Korea. It is subdivided into 100 "chon". The won is issued by the Central Bank of the Democratic People's Republic of Korea, based in the capital city, Pyongyang.
Taxation in North Korea
Officially, there are no taxes in North Korea. The date of 1 April is the North Korean "Tax Abolition Day". North Korean propaganda claims that North Korea is the world's only tax-free country. The North Korean state, however, still collects revenue from its citizens in the form of hidden taxation through various sales taxes. In particular, the turnover tax from consumption provides for the majority of the state revenue in North Korea. The North Korean state does, therefore, collect revenues, which internationally has been compared to a taxation system, but inside North Korea the word tax is not used, and the term for state revenue has been variously translated as "Socialist Income Accounting", "Socialist Economic Management Income", and in similar fashion.