The South Korean Ministry of Finance is considering introducing a 20% tax on income from cryptocurrencies.
The Korea Herald reports that revenue fromcryptocurrencies will be treated as “other income”, which is taxed at 20%. That is, income from cryptocurrencies will be subject to the same tax as, for example, winning a lottery.
“The Ministry of Finance has yet to finallydetermine the direction for taxing the trade in digital assets and equate the income from cryptocurrencies with other income, and not with income from capital gains, ”the representative of the ministry emphasized.
It was previously reported that the authorities of the SouthKorea has begun developing new legislation on taxation of income received from the turnover of cryptocurrencies. At the same time, although currently, according to the laws of the country, income from cryptocurrencies should not be subject to taxes, the National Tax Service of South Korea (NTS) assessed $69 million in taxes to the Bithumb cryptocurrency exchange. The trading platform then filed a lawsuit against NTS, asking for the return of unfairly paid taxes.
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