S. Korea To Tax Crypto Exchanges 24.2 Percent, In Line With Existing Tax Policy
S. Korea To Tax Crypto Exchanges 24.2 Percent, In Line With Existing Tax Policy
The South Korean government will collect 24.2% in taxes from virtual currency exchanges, in line with the country’s general taxation policy. #NEWS
Read more: cointelegraph.com
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the market is in a nose dive and the news from korea isnt helping, time to brace up for some lower lows in the coming days
A few obvious questions arise. Korean exchanges are considered to exaggerate volume, so it follows they may exaggerate revenues. If they wanted to exaggerate revenues they would need an escape hatch to cover taxes on those non revenues. It seems odd that supposed NK hackers took what amounts to one third of their revenue. Are there other indications something doesn't add up with the NK hacker story?
If the 24% tax gets imposed it will hurt everyone invested in crypto as S. Korea has been a driving force in investing in the market. That is an insane amount to tax. Imagine someone get paid fiat and pay taxes on that and then go buy crypto and pay a tax on that. Its getting ridiculous.