Tax Loophole Closing For South Korean Cryptocurrency Exchanges

What Tax Rates Apply To Crypto Exchanges?

The South Korean government is working on how to tax cryptocurrency exchanges. The Korea Times quoted an official of the Ministry of Strategy and Finance revealing on Monday, “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.”

Yonhap, however, reported that “The government said Monday it will collect up to 24.2 percent of corporate and local income taxes from South Korea’s cryptocurrency exchanges this year.” The news outlet also quoted an official saying:

Virtual currency exchanges should pay the corporate tax on income earned last year by the end of March and the local income tax by the end of April.

Following media reports, the government posted a notice on its website quoting the Ministry of Strategy and Finance, stating, “In relation to virtual currency taxation, we are currently considering the method to secure taxation data…it has not been decided yet.”

Imposing Corporate and Income Taxes

The Korea Times explained that in South Korea:

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.

However, recently the regulators emphasized that some taxes are possible under the current law, as news.Bitcoin.com previously reported.

The crypto exchanges that will pay the most taxes are the country’s two largest exchanges, Bithumb and Kakao-backed Upbit. At the time of writing, Bithumb’s 24-hour trading volume is $3.14 billion whereas Upbit’s is $2.97 billion, according to Coinmarketcap.

In the first 7 months of last year, Bithumb reported 49.23 billion won (~USD$46.3 million) in earnings on 49.27 billion won sales. According to Yujin Investment & Securities, the exchange’s 2017 estimated earning is 317.6 billion won (~$298.5 million). Based on this estimate, Bithumb could be paying about 60 billion won in corporate and local income taxes, according to Yonhap.

Earlier this month, the Korean National Tax Service launched a tax investigation into Bithumb and Coinone. The Hankook-Ilbo described, “The government is considering ways to impose a capital gains tax on virtual currency investment returns.”

Comments

Every Nigerian owes China N15,000 – Political analysts

by Agunbiade Sanya For the N3 trillion Nigeria has received from China in the last four years, every Nigerian owes China N15,000 in debt. That’s just N3,000 short of minimum wage, Daily Trust reports. The debt comes from two huge tranches of aid from China: $3.1 billion in 2014 and $6 billion for infrastructure in the last three years, according to political analyst Theophilus Abbah. Share Simple mathematics. Divide the combined total, just over N3 trillion, by the 198 million population Nigeria always talks about: that’s a nice N15,000 in debt to China for every Nigerian. And that doesn’t even include the loan agreement signed this week in Beijing where China pledged $60 billion in credit facilities, a quarter of it interest free. Analysts say getting governments indebted to China is the republic’s way of outsmarting the US and the UK in Africa trade https://lailasnews.com/every-nigerian-owes-china-n15000-political-analysts/

Onecoin Offices Raided in Sofia, Servers Shut Down

50 People Questioned, No Arrests Servers, documents and other evidence have been confiscated from Onecoin and about 50 people have been questioned by investigators, according to the official statement . No arrests have been reported so far. Bulgarian prosecutors, national security agents and members of the organized crime combating unit were involved in the joint operation. They acted on request from Germany, where Bulgarian-born “founder and visionary” of Onecoin, Ruja Ignatova, had been taken to court. “Onecoin” payments were banned in the Federal Republic and in 2016 the UK Financial Conduct Authority issued a warning about the company. The Ministry of Interior of Bulgaria released a video of the search in Onecoin’s building: In just three years, about three million people have subscribed for the educational packages offered by Onecoin , Bulgarian prosecutors announced at a briefing on Friday. The company is suspected of commercial fraud, money laundering and illegal paymen

EZeugo Is the Right Candidate For Idemili North Constituency.

A sound mind is a healthy body, unfortunately most of our people suffer from various diseases as a result of their life style,water the drink, type of food the eat (poor dieting) and drugs abuse which in return leads to many complications in the later stages of their lives. Majority of our people over the age of fourty suffer from specific health problems E.g heart diseases, advanced diabetes, blood pressure (BP). In my view the issue of health is not limited to health services, health is a specific culture that can be attened by harmonizing body and mind. To reach this health conditions, in addition to a good healthy services, base on my background in Health and Environmental Safety (HES) I Ezeugo have a good health investment programs that will help improve following area - health education, Custom and traditions, food and environmental hygiene, sports, provisions of safe drinking water, public awareness in various aspects of life. Ezeugo have all it take to make Idemili bat

MarcFarms™

Search This Blog