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South Korea schedules for Cryptocurrency Taxation Plan

Jake Hill
Jake Hill

South Korea cryptocurrency buying and selling are presently tax-free based from reports of South Korean media “Monday Today” said that a 41-year-old lawyer from South Korea mentioned, “last year his investment earnings was nearly 30 million through Bitcoin and Ether, but did not pay a penny tax.” The report reiterated:

“Even if people make profits from tens of thousands or even hundreds of millions through cryptocurrency investments, they are not obliged to pay taxes.”

Nevertheless, for the sale of shares, listed securities are subject to a gross sales tax of 0.3%, and unlisted securities are subject to 0.5%.

The report pointed out: “Massive shareholders and unlisted shares are required to pay capital gains tax.”

South Korea’s present cryptocurrency transactions are still tax-free as a result of there isn’t a relevant taxation provision. Nevertheless, South Korea’s regulators are already making ready to levy taxes on this space and have set a preliminary schedule for this. The South Korean Ministry of Planning and Finance, which is primarily chargeable for this work, acknowledged that the plan remains to be underneath research and every part remains to be unsure, however it’s still revealed that it’s more likely to pass the tax bill within the first half of this year after which they will begin implementation from next year.

With the intention to change this situation, South Korean tax authorities have begun to develop ” cryptocurrency taxation standards.” Announced by the Korean Ministry through Finance Planning of the 2018 economic policy guidelines for the first half of cryptocurrency established a schedule for the tax plan. “Monday Today” states:

“Korea will pass a tax bill in the first half of this year as part of the August tax law amendment. Cryptocurrency taxation will be implemented from next year.”

Not too long ago, local media reported that ” cryptocurrency taxation shall be introduced in June.” Nevertheless, the Ministry of Planning and Finance subsequently issued an announcement clarifying this, “We’re studying tax collection data through the Working Group on cryptocurrency Taxation,” and identified that such studies are “not true.” An official within the division confirmed:

“We have not yet defined a specific time frame, but we are considering the announcement of cryptocurrency taxation in the first half of this year .”

An official from the Ministry of Planning and Finance said: “The cryptocurrency exchange must also pay tax.” However the official additionally mentioned in the local news earlier this year that: “We have not yet established an accurate tax rate and are still in the national tax Hall to explore.”

Blockchaincryptonewssouthkorea

Jake Hill

Coming from a University Education in Computer Science, I am interested in blockchains and Bitcoin since 2014 and even mined at the time. The rumors of Bitcoin bubble made me run away, but I have com