Found Archives -
Kathleen Dawn West described herself as a full-time wife and mom on Facebook but lived another life on other social media platforms, calling herself an exhibitionist and posting risque photos with a chance for subscribers to see sexier images for $ 15.99 a month. The 42-year-old’s partially nude body was…
The dig for King Tut’s wife is officially on. Last July, archaeologist Zahi Hawass announced his team had located a possible tomb 16 feet underground in Egypt’s Valley of the Kings. Due to its location in the Valley of the Monkeys near the tomb of Ay, the pharaoh who succeeded…
The father of a teenager who spent 30 hours trapped in a car wreck in Australian woods says he followed his intuition by hiring a helicopter that found his seriously injured son. Samuel Lethbridge, 17, remained in a hospital in serious condition with multiple fractures two days after the crash….
Today a London-based gem company announced the discovery of a diamond that weighs 910 carats, making it the fifth-largest gem-quality diamond ever found by man. At 6.4 ounces, the diamond, which was pulled from a mine in the small African kingdom of Lesotho, is bigger than a baseball and…
Scientists are now saying there may have been “a more colorful Jurassic World than we previously imagined,” thanks to the recent discovery of a fossil in China’s Hebei province. Reuters reports that a closer look at the “exquisitely preserved,” almost completely intact fossil of a crow-like dinosaur that lived about…
Team Dream is a small business by most any measure.
The quirky cycling apparel brand has just five employees. It produces only about 100 pieces of each garment and operates out of a converted gas station in San Marino, where a closet-sized nook doubles as both a fulfillment center and R&D lab.
Honolulu’s 911 system was inundated with more than 5,000 telephone calls Saturday as Hawaii plummeted into a state of panic and confusion over a false ballistic missile scare.
The search for missing University of Pennsylvania sophomore Blaze Bernstein came to a grim end when the 19-year-old’s body was found in a park near his parents’ home, having apparently been exposed by this week’s rainstorms, police in California say. The Orange County Sheriff’s Department has not disclosed a cause…
A 22-year-old woman was found dead this week in Nepal after being sent to a so-called menstruation hut by her family to wait out her period, the Kathmandu Post reports. Gauri Budha’s family found her body after going to the hut to check on her. Her father-in-law says she had…
The South Korean government has announced that some taxes can be applied to cryptocurrencies under the current law, which will be finalized in the first half of this year. Other taxes are also being considered but some are not easily implemented under the current tax system.
Some Taxes Coming Soon
The South Korean government has been discussing ways to tax cryptocurrency transactions. “Virtual currencies are not taxable under the current Income Tax Act,” Chosun described. Previously, the regulators had not confirmed if the current legal framework allows the taxation of cryptocurrencies.
However, at a briefing on the amendment bill for the Enforcement Decree of the Revision of the Tax Code on Sunday January 7, Choi Young-rak, head of the tax department of the Ministry of Strategy and Finance, was quoted by the Kyunghyang Shinmun:
There are some things that can be taxed under the current law.
Specifically, “Under current law, corporate taxation is possible,” Edaily quoted him explaining. The publication noted that the tax plan is expected to be finalized within the next six months. News1 Korea added, “The part that can be taxed by the current law will be taxed in the first half of this year.”
Specific Taxes Being Discussed
The Virtual Currency Taxation Task Force was recently created following the releases of government’s measures for crypto regulation. The group met for the first time recently with related experts and ministries including the Korean Ministry of Internal Affairs and Internal Revenue Service, according to Choi.
He was quoted by Asia Today, “There are some areas where legislation is necessary, such as capital gains tax. We need to review whether it is appropriate to impose capital gains tax and legislate.”
News1 Korea elaborated:
At present, it is concluded that the taxation of income tax, corporation tax, transfer income tax, etc. is possible in the case of virtual currency, while taxation of virtual currency is difficult in terms of value-added tax.
In addition, at a recent meeting of the National Economic Advisory Council, presided over by President Moon Jae-in, an official was quoted saying “countermeasures against the difficulty of tracking tax revenue are also necessary.” He added, “there is a need to regulate brokers who mediate virtual currency transactions such as exchanges and accumulate taxation information.”
How many different taxes do you think the Korean government will impose on cryptocurrencies? Let us know in the comments section below.
Images courtesy of Shutterstock and Edaily.
Need to calculate your bitcoin holdings? Check our tools section.
The post South Korea Found a Way to Tax Cryptocurrencies Under Current Law appeared first on Bitcoin News.