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.”

You can claim CPD minutes for reading this article, by signing up to our CPD Wallet

FREE CPD Wallet
Must Read

Understanding EU anti-money laundering law: EU 4AMLD, EU 5AMLD, EU 6AMLD

In recent years the European Union has looked to its flex its legislative muscle and come up with an array of laws aimed at cracking down on money laundering and terrorism financing. Key to its package are its various directives, which impact national laws, banking operations and various other… Read More

Banking: Curbing employee fraud and corruption with an effective KYE program

The banking system’s vulnerability to fraud, corruption and money laundering is once again a focal point of debate in the wake of recent disclosures by the Central Bank of Nigeria that major losses have been recorded by banks from armed robbery cases and other criminal activities amounting to N12bn… Read More