RATE Group | Tax Experts Propose Gradual Income Tax Imposition on Cryptocurrencies – 비즈니스코리아
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Tax Experts Propose Gradual Income Tax Imposition on Cryptocurrencies – 비즈니스코리아

Tax Experts Propose Gradual Income Tax Imposition on Cryptocurrencies – 비즈니스코리아

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Tax experts advise the Korean government to apply a low level of trading tax to profits from cryptocucrrency transactions before making them subject to a transfer income tax.



With the South Korean government planning to include taxation on cryptocurrencies in its tax reform plan for next year, tax experts pointed out at a seminar held on Feb. 21 that a low level of trading tax should precede gradual transfer income tax application.

The government is scheduled to announce its tax reform plan in the second half of this year.

Experts from the Korean Tax Policy Association said at the seminar that profits derived from cryptocurrency trading should be subject to transfer income taxation. They noted that the transfer income defined in the Income Tax Act must include crypto-assets through prior legislation.

The Korea Blockchain Association made the same proposal. “Still, related laws are still absent and the taxation infrastructure is still insufficient to cover…

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