South Korea Plans to Receive Taxes from Bitcoin and Cryptocurrency
The South Korean Ministry of Economy and Finance will prepare a bill for citizens to receive tax on profits from crypto currency. The South Korean government will have to take records of crypto currency trading from people from crypto currency exchanges to increase taxes.
According to local reports, the South Korean government plans to tax the country’s crypto earnings. The tax bill will be prepared by the first half of next year. If the bill is implemented, crypto currency investors will need to provide a detailed breakdown of their trading agreements.
Korean National Assembly Is Working On Crypto Money Tax Bill.
Currently, South Korea accounts for about 20% of the world’s crypto currency transactions. According to the Korean Times, the Ministry of Economy and Finance is trying to take the measure that will become the tax law from 2020 onwards. The National Assembly is working on the crypto tax bill, the crypto currency trading will remove the element of confidentiality.
Ukraine Plans Taxation on Earnings From Crypto Coins
In November, Ukraine also proposed a bill to tax the gains of crypto. Under the proposed bill, Ukraine will impose a 5% tax on crypto earnings for the first five years and then increase it to 18%. Previously, the US Department of National Revenues (IRS) had sent 10,000 letters to taxpayers, whom they suspected would profit from the crypto trade. And recently, the IRS issued a tax form asking for details of crypto transactions.