RATE Group | South Korea considering imposing 20% tax on cryptocurrencies
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South Korea considering imposing 20% tax on cryptocurrencies

20 Jan South Korea considering imposing 20% tax on cryptocurrencies

Posted at 02:10h in Cryptocurrency News by

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SEJONG (Jan 20): South Korea’s finance ministry has been considering imposing a 20 percent tax on income from cryptocurrency transactions, reported Yonhap News Agency, citing officials on  Monday.

The Ministry of Economy and Finance has recently ordered its office of income tax to review a taxation plan for cryptocurrencies, according to officials. Previously, the ministry’s office of property tax had reviewed the plan.

The move raised speculation that the government may categorise gains from cryptocurrency trading as other income, not capital gains.

A government official, who spoke on the condition of anonymity, said the finance ministry has not finalised its plan to tax cryptocurrencies.

But, there is a possibility that the government may impose a 20 per cent tax on cryptocurrencies, the official said.

Currently, other income includes gains resulting from lectures, lottery purchases and prizes.

In November last year, South Korea’s tax agency imposed 80.3 billion won (US$69.2…

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