The South Korean government plans to introduce a capital gains tax from transactions with bitcoin and other cryptocurrencies, reports The Korea Times.
The Ministry of Economy and Finance of the country insists that this measure should be reflected in tax regulation as early as next year. The department will prepare the corresponding bill in the first half of the year.
If approved by parliament, the rules will come into force in a year. However, the government intends to levy a capital gains tax on cryptocurrency owners regardless of the adoption of the law.
To do this, the authorities need to give an accurate definition of cryptocurrencies. The government must also decide whether it will consider the income from trading digital assets as profits from stock transactions or real estate transactions, the publication said.
In addition, the authorities need trading data from cryptocurrency exchanges to levy a tax.
In November, a bill on the taxation of cryptocurrencies was submitted to the Verkhovna Rada of Ukraine. According to the bill, individuals will pay a 5% income tax on operations with crypto assets.
In December, a draft law on the taxation of mining and cryptocurrencies was developed in Kazakhstan