South Korea will Tax Cryptocurrencies, says the finance minister

South Korea will Tax Cryptocurrencies, says the finance minister

According to the koreaherald, the South Korean finance minister spoke about the taxation of cryptocurrencies, and his ministry will announce details next month.

Finance Minister Hong Nam-ki said while speaking before the parliamentary finance committee:

The government has continued to realign its tax system to reflect changes in market conditions, but it is especially working to refine its list of taxable items and types of tax this year,

The ministry is responding to the expanding market of cryptocurrencies and their increasing popularity. Earlier, the Ministry of Finance stated that it was considering a 20% tax on income from cryptocurrencies.

Tax agency has already intervened also against the largest cryptocurrency exchange Bithumb Korea, and last year it imposed a 80.3 billion ₩ ($ 66 million) withholding tax on it.

The Minister further assures that they will actively address the new tax environment and emphasizes the digital tax. By introducing a digital tax, South Korea wants to increase the country’s tax revenues from foreign companies as well.

Personally, I believe a digital tax needs to be imposed as a new type of tax, and the government too is considering moving in that direction,

said the minister.

Read also: Kyrgyzstan wants to set clear conditions for the taxation of Cryptocurrency Mining

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