It's under the charge of the property tax department, which inspected taxes on gifts and gains.
According to multiple sources from the government on Monday, the income tax department at the Ministry of Economy and Finance recently began reviewing taxation plans for gains from virtual assets transaction.
This came when reports were pointing out that the ministry is mulling to impose capital gains tax on earnings from digital currencies, primarily trading. Officials are considering classifying cryptocurrency as other income, putting crypto gains into the same category as lottery or prize winnings which constitutes a 20% tax rate.
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"Other income" in South Korea is described as any money that is received as prize winnings or as abnormal income that is infrequent or unusual. This type of income is subjected to a 20% tax on 40% of the income. The 60% is considered tax-deductible. If the change is applied, profits from cryptocurrencies could be classified as other income, which would ultimately lead to a 20% tax on any gains. If the government aimed to tax capital gains, it had to work with cryptocurrency exchanges to receive information about trading activity at cryptocurrency exchanges.
Following a previously covered news from Coinfomania concerning South Korea's preparation of a bill to tax profits made from cryptocurrencies, crypto traders and investors in South Korea will now have to pay a 22% on their trades including the ones at a net loss. The National Tax Service (NTS) in November slapped the country's largest cryptocurrency exchange Bithumb Korea with a tax bill of 80.3 billion won ($69.3 million) as a follow-up to its conclusion that Bithumb failed to fulfill its duty of withholding taxes of its foreign customers. Withholding tax refers to income tax paid by the payer of the income rather than the recipient, with the tax typically withheld or deducted from the income in advance. The NTS pushing ahead with the tax imposition is baseless and groundless, especially since it is still awaiting the ministry's opinion on the same matter is sought again.
If the recent proposal is imposed, the tax agency can tax on crypto incomes with an immediate effect.