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2020-02-25 20:47:32

South Korean tax experts propose two-step tax for cryptocurrencies

Tax experts in South Korea have advised the national administration to impose a two-step tax policy on cryptocurrencies. As per the report, the suggestion is to impose a low-level trading tax on crypto profits while also subjecting users to a transfer income tax. The administration of South Korea is expected to announce its tax reform in the later part of 2020. Taxes on cryptocurrencies in South Korea The low-level trading tax would ensure regulation as there is a lack of legal infrastructure regarding transfer taxation. The suggestions were made by members of the Korean Tax Policy Association at a seminar

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