South Korea has confirmed that income tax cannot be levied on individual investors’ profits from crypto transactions under the current tax law. Also read: Regulatory Roundup – China Blockchain ETF, France New Crypto Rules, Tokens Like Money in Russia The South Korean Ministry of Economy and Finance, which oversees the country’s economic policy, has stated officially that individual investors’ crypto trading profits cannot be taxed under the current tax law. The ministry clarified on Dec. 30: While individuals’ crypto profits are currently tax-free in South Korea, the Ministry of Economy and Finance has been pushing to amend the tax law so they can be taxed. Emphasizing that cryptocurrency would need legal status before it can be added to the law, the ministry elaborated: While domestic crypto transactions are not taxed, the country’s National Tax Service (NTS) has imposed 80.3 billion won ($69.5 million) in withholding tax on trades conducted by foreign customers of Bithumb Korea, one of the largest crypto exchanges in the country.
#cryptocurrency #Bitcoin #ethereum #litecoin #currency #marketwatchlive #olleux #bloomberg #coindesk #binance #forex #bearish #bullish #yourfuture #investment #USD #EUR #btcusd #cryptocurrencyexchange #Cryptoevolution #StockFever #Gains #Loss #WorldAffiars
No comments:
Post a Comment