10% Tax on Cryptocurrency Trading Profits Report is False, Different From the Fact: South korean Govt

10% Tax on Cryptocurrency Trading Profits Report is False, Different From the Fact: South korean Govt

The South Korean government’s Ministry of Strategy and Finance has denied a recent report which claimed that the authorities are planning to levy a 10% capital gains tax on cryptocurrency profits.

On June 22 a high-ranking government official claim that the government was preparing to slap a flat 10 percent tax rate on profits from cryptocurrency returns irrespective of the size of the investment. He said that:

“We have already decided to tax profits from investments in cryptocurrency,” the government official was quoted as stating. “The question is only how much time we should give investors and when to start implementing it.”

The report claimed that the government of South Korea had decided to tax profits from investments in cryptocurrency and to classify those profit as “other income”. The report also claimed that the government did not view cryptocurrencies as financial or investment products.
Under domestic taxation laws, ‘other income’ pertains to irregular or a temporary income unlike an earned income. This supposed 10 percent tax was reportedly being considered, to be included in a revised tax bill this year with a one to two-year grace period before coming into effect.
However, the ministry of Strategy and Finance which deals with the financial policies of the country completely denied the report, claiming it “is different from the fact”.

Source: CCN News

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