S. Korea to tax cryptocurrency gains at 20%
Arirang News
2020-07-22
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내년 10월부터 비트코인 소득에도 20% 세금 부과
And starting next year, an annual income of more than 2-thousand dollars from crypto trading will be subject to a 20-percent tax in South Korea.
Any income less than that amount will have no charge.
The finance ministry explained that other countries like the U.S. have already been taxing crypto, viewing it as securities like stocks.
The revised tax code, which is subject to parliamentary approval, would come into effect from October 1st 2021.
The rule will affect people in other countries as well... if they use cryptocurrency exchanges based in Korea because the exchanges will be responsible for witholding taxes.
And starting next year, an annual income of more than 2-thousand dollars from crypto trading will be subject to a 20-percent tax in South Korea.
Any income less than that amount will have no charge.
The finance ministry explained that other countries like the U.S. have already been taxing crypto, viewing it as securities like stocks.
The revised tax code, which is subject to parliamentary approval, would come into effect from October 1st 2021.
The rule will affect people in other countries as well... if they use cryptocurrency exchanges based in Korea because the exchanges will be responsible for witholding taxes.
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