South Korea plans to impose taxes on bitcoin adopters
07 Dec 2017

By Samburaj Das, Crypto Coin News

South Korea’s National Tax Service (NTS) is pressing ahead with a framework to enforce taxes on cryptocurrencies including bitcoin.

Run under the purview of Korea’s Ministry of Strategy and Finance, the National Tax Service is tasked to assess and collect internal taxes in the country. As South Korea emerges among the world’s leading bitcoin and cryptocurrency trading markets, the tax authority is pushing ahead with a plan to impose an income tax and a transfer income tax on cryptocurrencies.

According to a Business Korea report, the plan to impose taxes was discussed during yesterday’s 2017 National Tax Administration Forum, an event sponsored by the NTS. Kim Byung-il, professor of economics and taxation at Kangnam University addressed “various taxation issues” including the legal classification of cryptocurrencies to “determine whether or how much to impose taxes like a value-added tax.”

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