According to the Korea Herald report, the South Korean Ministry of Economy and Finance has invited the Income Tax Administration to revise the tax cryptocurrency plan.
The call for the taxation of cryptocurrencies gave rise to speculation that the government could classify cryptocurrency trading profits as “other income”.
The government may introduce a 20% tax on income from cryptocurrencies – The official said that the Ministry of Finance has not finalized its cryptocurrency taxation plan, but there is a possibility that the government may introduce a 20% tax on digital currencies. Earlier it was reported that the South Korean government is exploring the approaches of other large countries to amend their tax laws regarding cryptocurrencies.
Bithumb strives to nullify $ 70 million tax levied by the NTS. The leading South Korean crypto exchange Bithumb was hit by a huge tax bill of 80 billion won (about $ 70 million) by the country’s national tax service. The exchange received a 70 millionth bill for withholding taxes on the trading activities of foreign customers. The exchange called the tax account introduced by the NTS “unreasonable” and challenged it in court.
Bithumb also announced its intention to invest about $ 8 million in a zone not regulated by South Korea to develop a blockchain in Busan.