BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories.

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources.

South Korea plans 20% tax on crypto gains

The government of South Korea is planning to charge a 20% tax on income from cryptocurrency transactions.
The country’s Ministry of Economy and Finance recently ordered its office of income tax to review a crypto taxation plan, local news outlet Pulse reported Monday, citing “multiple” government sources. Previously, the ministry's office of property tax had reviewed the plan.
This change has reportedly raised speculation among Korean experts that the government will treat crypto trading gains as "other income" and not as "capital gains."
“The finance ministry is yet to finalize its direction but it surely has become more likely for the income from virtual asset trading to be labeled as other income, not as gains from transfer of capitals like real estate properties,” an anonymous government official told Pulse.
Other income in Korea is subject to a 20% tax on 40% of total other income, and the remaining 60% is tax-deductible, per the report.
South Korea has been planning to levy taxes on crypto gains for over a month now. Once finalized as other income, the Korean tax authority, the National Tax Service (NTS), will reportedly be allowed to tax crypto gains with immediate effect.
The NTS has already started labeling gains earned by foreigners from crypto trading as other income and has been collecting taxes indirectly through crypto exchanges. The authority recently hit Bithumb exchange with a withholding tax of over $69 million. Bithumb, however, has moved to court to nullify the tax.

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News