Bitcoin Trades to Be Taxed from Next Year

  • Arirang News

    February 22, 2021 08:32

    Cryptocurrency Bitcoin will be subject to capital gains tax from next year.

    The Ministry of Economy and Finance said Monday that gains exceeding W2.5 million from trading the digital currency will be subject to a 20-percent tax rate (US$1=W1,105).

    The government categorized Bitcoin gains under "other income." Profits will have to be reported on income statements, with taxes to be paid every year in May.

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