Cryptocurrency earnings will not be subject to taxes in South Korea?
Source
The Ministry of Economy and Finance (MOEF), which oversees the monetary policies of the South Korean government, said that the cryptocurrency's private earnings are not currently taxable, since they are not on the list of goods or taxable funds in that nation.
In view of this, the MOEF plans to tax cryptocurrencies by modifying the current tax laws and may have to create some particular regulation in this regard to meet the proposed goal of taxing profits in cryptocurrencies for the first half of 2020.
On the other hand, it must be considered that the Korean National Assembly has proposed a bill related to blockchain technology that aims at increasing the transparency in the field of marketing and creation of cryptocurrencies.
This news has left me thinking that while tax exemption is an old stimulus strategy for some commercial or industrial activity, I did not expect that one of the countries that is quite active in cryptocurrency market issues would lack a legal framework to respect to collect taxes on the profits that this generated.
The news that gave me this information you will find in the post of CryptoWorldNews: South Korea’s Finance Ministry: Cryptocurrency Earnings Not To Be Subject To Taxation
Now I am intrigued to know if there is a similar problem in other countries, that is, in my case I think that the legislators were very broad and considered that everything that generates any recordable profit in balances pays taxes, so a law or regulation is not needed Special for cryptocurrencies, but from what I see that is not the case in other countries and I was very curious about it.
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