South Korean government approves plan to introduce 20% tax on profits from cryptocurrencies transactions.
The country's Ministry of Economy and Finance contributedamendments to the tax bill. Now, any resident of the country who receives more than $ 2,000 a year from crypto trading will be forced to pay 20% tax. If the profit is less than this amount, no tax will be charged.
Amendments to the bill, if approved by parliament, will enter into force on October 1, 2021.
South Korea has been planning to implement a crypto trading tax for over six months now. The ministry will now classify crypto profits as “other income”.
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According to the materials www.theblockcrypto.com