The Ministry of Strategy and Finance of South Korea refuted reports about forthcoming introduction of 10% capital gain tax from operations with cryptocurrency.
That Korean authorities prepare to enter a new tax, local edition of Chosun reported on June, 22 with reference to the “high-ranked official” the name of that did not open up.
“We decided already, that a profit from investments in cryptocurrency must be imposed a tax. A question is only in that, how many time we must give to the investors and when to begin to inculcate this innovation”, – an official declared allegedly.
From data of Chosun, a government decided to classify this profit as “another income”, what it ensues from, that authorities do not attribute cryptocurrency to the financial and investment products. According to the Korean legislation, under “another income” irregular or temporal earnings are understood.
However in Ministry of Strategy and Finance declared that the reports of MASS-MEDIA are erroneous and fall short to reality.
As Business Korea marks, even if the Korean government will decide to enter a capital gain tax from operations with cryptocurrency, he will need to create the legal system for the receipt tax information from cryptocurrency exchanges, and time is needed for this purpose. Accordingly, quick changes in this direction, waiting is not necessary.
The government of South Korea examines the question introduction tax for crypto traders from the beginning of this year. Within the framework it incentives Ministry strategy and finances directed the officials in such countries, as the USA, Germany, Japan, in order that they could study their system taxation virtual currencies.
According to the last data, a department will present a plan on taxation in this area in August of current year.