The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    US urged to respect Korea's position amid US-China chip war

  • 3

    Chinese carmakers challenge Hyundai Motor, Kia in global markets

  • 5

    Calls grow for regulations on AI technology on webcomics

  • 7

    CJ, Shinsegae study temple food to expand vegan lineup

  • 9

    Mexico president eyes deals with China, Korea to combat fentanyl

  • 11

    Synth pop regains popularity with K-stars, riding retro boom

  • 13

    Africa Day celebrated in Korea with book talk

  • 15

    1 in 6 N. Korean children under 5 suffer from stunted growth: report

  • 17

    INTERVIEWKorean chef aims to change Hong Kong's dining scene

  • 19

    US diplomat to visit Korea for anti-proliferation meeting

  • 2

    Stray Kids, NCT's Taeyong, ATEEZ gear up for June releases

  • 4

    Korean culture as the solution

  • 6

    Temples celebrate Buddha's birthday

  • 8

    China, Korea agree to strengthen talks on chip industry: Chinese commerce ministry

  • 10

    Biden says debt default deal 'very close' while deadline now set at June 5

  • 12

    ChatGPT: boon or bane for banking industry?

  • 14

    Russia's Lavrov tells China envoy 'serious obstacles' to Ukraine peace

  • 16

    Tech leads more gains on Wall Street

  • 18

    Presidential office denies Japanese news report on Yoon's possible visit to Ukraine

  • 20

    Bernadou's travels in Korea in 1884 Part 4 - Gaeseong's passive defiance

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Mon, May 29, 2023 | 05:02
Policies
Korea considers taxing transactions on crypto-trading
Posted : 2018-01-22 16:27
Updated : 2018-01-22 18:28
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
By Kim Yoo-chul

The Ministry of Strategy and Finance plans to impose taxes on cryptocurrency operators in Korea this year, the ministry said Monday. The rate is expected to top 20 percent.

"Virtual money exchanges will have to pay taxes. But we have yet to decide the exact tax rates as we are in talks with the National Tax Agency," a ministry official said.

He added the government reached a consensus to levy corporate and other taxes on exchange operators during the first half of this year.

All companies reporting more than 20 billion won have to pay 22 percent and 2.2 percent of corporate and local income taxes out of their revenues under the relevant laws. But the rules were not applied to exchanges.

If the tax scheme starts as planned, Korea will join the United States, Singapore and Australia in having a tax treatments plan in place for digital token transactions.

Bithumb, a leading domestic cryptocurrency exchange operator, is expected to pay about 60 billion won in corporate and local income taxes according to the plan. Bithumb is estimated to have chalked up earnings of more than 300 billion won last year.

The exchange had generated 49.23 billion won in earnings on 49.27 billion won of sales for the first seven months of last year.

But some say the government should define "cryptocurrency" for tax purposes before imposing any tax treatment. Initially, the government said crypto-assets are not financial products or currencies eligible for taxation.

"There's no specific provision for digital assets. The government will have to consider if it wants to give the meaning of currency to digital currencies or to treat them as assets. For example, the U.S. treats cryptocurrencies as property for tax purposes and therefore they are subject to capital gains tax," said Lim Hye-yoon, an analyst at Daishin Securities.


Emailyckim@ktimes.com Article ListMore articles by this reporter
 
wooribank
Top 10 Stories
1ChatGPT: boon or bane for banking industry? ChatGPT: boon or bane for banking industry?
2Man arrested for opening airplane emergency exit during flightMan arrested for opening airplane emergency exit during flight
3Labor unions seek to attract migrant workers at shipyards Labor unions seek to attract migrant workers at shipyards
4Korea walks fine line between US, China in chip warKorea walks fine line between US, China in chip war
5Jeju-based shamanism researcher documents connection between humans, crows Jeju-based shamanism researcher documents connection between humans, crows
6Hyundai Steel receives EPD certification for low-carbon H-beam products Hyundai Steel receives EPD certification for low-carbon H-beam products
7POSCO named sustainability champion for 2nd consecutive year POSCO named sustainability champion for 2nd consecutive year
8[RAS KOREA] Preserving memories at Cheongju City Archives RAS KOREAPreserving memories at Cheongju City Archives
9Gov't moves to assist 3,400 Koreans stranded in typhoon-hit GuamGov't moves to assist 3,400 Koreans stranded in typhoon-hit Guam
10Half of medical tourists visiting Korea inspired by K-culture Half of medical tourists visiting Korea inspired by K-culture
Top 5 Entertainment News
1Chun Woo-hee becomes chameleon con artist in 'Delightfully Deceitful' Chun Woo-hee becomes chameleon con artist in 'Delightfully Deceitful'
2Stray Kids, NCT's Taeyong, ATEEZ gear up for June releases Stray Kids, NCT's Taeyong, ATEEZ gear up for June releases
3[INTERVIEW] 'No more part-time jobs': VANNER talks about life after winning 'Peak Time' INTERVIEW'No more part-time jobs': VANNER talks about life after winning 'Peak Time'
4Competing to get married? 'Physical:100' writer to roll out marriage survival show Competing to get married? 'Physical:100' writer to roll out marriage survival show
5Ma Dong-seok goes all out to create iconic action hero in 'The Outlaws' threequel Ma Dong-seok goes all out to create iconic action hero in 'The Outlaws' threequel
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group