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South Korea Eyes 20% Tax On All Cryptocurrency Transactions
Summary: The South Korean government is currently contemplating imposing a 20% tax on all cryptocurrency transitions. According to a report from South Korea's Yonhap News Agency on Monday, officials from the Ministry of Economy and Finance's income tax office has been examining a new proposal that would provide the country with a clearer regime for how it ...
The South Korean government is currently contemplating imposing a 20% tax on all cryptocurrency transitions.
According to a report from South Korea's Yonhap News Agency on Monday, officials from the Ministry of Economy and Finance's income tax office has been examining a new proposal that would provide the country with a clearer regime for how it taxes cryptocurrencies.
In the report an anonymous official stated that South Korea is considering re-classifying returns made on cryptocurrencies as a type of "other income," which would place it in the same category as money gained from lotteries, rather than as a form of capital gains.
By Ramsey Baker
Tags: 20%,Cryptocurrency,South Korea,Tax
Link: South Korea Eyes 20% Tax On All Cryptocurrency Transactions [Copy]
