South Korea Announces its Plan to make cryptocurrency related profits taxable
The Government of South Korea is allegedly considering rendering crytocurrency profits taxable. The ministry of Economy and Finance of South Korea is seriously proposing for the implementation of this by 2020.
According to a local news outlet, deliberation on a bill to tax crypto related profits have been on. Regardless of the bill’s passage, however, the government is assertedly planning to enforce capital gains tax on cryptocurrencies. To achieve this, the government will need to have a precise and comprehensive definition of cryptocurrencies
To levy taxes, the government will also need to get trading records from cryptocurrency exchanges, if it’s looking to tax gains from cryptocurrencies as it taxes gains from stocks and real estate transactions.
An anonymous ministry official told the news outlet.”Related discussions have been taking place. The revised bill will be drawn up by come 2020,”