Topic: SOUTH KOREA NOT BANNING CRYPTO NOW - but want 24.2 percent tax? - page 2. (Read 690 times)
January 24, 2018, 05:34:53 AM
It would be only natural NOT to ban bitcoin but rather try to get most out of it (read: tax it accordingly). I am always surprised with that news surfacing that this and that government bans bitcoin. Why do they ban it? - I ask myself, when it makes so much more sense to tax it.
January 24, 2018, 05:31:09 AM
I think this is not totally a good news for the Koreans because I'm pretty sure that no one wants their income get reduced by any kind of deductions (even I will not agree into this if that is going to be implemented here in the Philippines). But honestly,if this policy will avoid the banning of crypto in their country then this still said to be a great news for them, at least they still got a chance to make profits from it.
January 24, 2018, 05:25:24 AM
Yet again it's a centralized economics. Bitcoin is built to be a 'decentralized' but government taking it away. I believe some traders in Korean will not agree with it. Well, the possible solution is to move to the country that less strict with Bitcoin. But in the end its good they not banning it because I'm sure it will be disastrous if Korea government keep banning Bitcoin, just look at when the Korean government announce a ban the Bitcoin price taking a big dip.
January 24, 2018, 05:19:43 AM
At least better than totally ban it.....
January 24, 2018, 05:17:20 AM
There is news that in South Korea it will be mandatory to create a personal couple in a bank for traders with the provision of personal data. There will be an anonymous trade ban!
January 24, 2018, 05:13:57 AM
South Korea IS NOT BANNING bitcoin. They only said they didn't want anyone trading cryptocurrency with anonymous accounts period.
January 24, 2018, 05:11:43 AM
any truth to this?
seems okay or at least better than a ban?
Sounds like good news??
https://cointelegraph.com/news/s-korea-to-tax-crypto-exchanges-242-percent-in-line-with-existing-tax-policy
seems okay or at least better than a ban?
Sounds like good news??
https://cointelegraph.com/news/s-korea-to-tax-crypto-exchanges-242-percent-in-line-with-existing-tax-policy
I just read that the Philippines also studying the Bitcoin and I think they will also put a tax on it, I sure hope this kind of thing will not happen for us to earn more, but even though they put a tax on bitcoin, it's alright i think as long as it's not banning it.
January 24, 2018, 04:48:24 AM
In my opinion, the amount of tax is too much. But It's not a bad news. It means that Korea government have accepted cryptocurrencies. Other governments will accept cryptocurrencies too. We are entering a new era.
Exchanges are company and must pay taxes. But users won't pay tax. It's very good.
Exchanges are company and must pay taxes. But users won't pay tax. It's very good.
That is a good sign for exchanges but exchange owners increase their fee percentage transaction, those transactions should be paid by the people who are trading in those exchange but it is a good sign for acceptance but it also will affect the people who are trading in those exchanges.
January 24, 2018, 04:34:22 AM
Good luck enforcing that.
And thank you SINGAPORE for being you.
And thank you SINGAPORE for being you.
Is singapore zero tax on crypto? or lower tax?
Zero for individuals. Zero for businesses not registered in Singapore. But the real plus is virtually no currency controls. You can take as much money into SG or out of SG as you want. The only * is that for cash, you need to declare over 20k SGD, but that is a non issue with crypto as crypto doesn't pass through customs anywhere.
Hint: you don't need to live in Singapore to enjoy its benefit. It's like you didn't need to live in Switzerland or Monaco to enjoy its benefits in the past (and still a good deal in the present). Just fly over, open some bank accounts (moderately easy: as long as you aren't from a third world country, just need a proof of address from your home bank; funds to deposit; and ID), open a few crypto exchange accounts (easy; however some require a local cell phone number... which is pretty easy to set up, you just need to remember to maintain it with local bill pay from your bank account). That's it, your funds now 'exist' in a place with no income tax on interest income.
Lol this is a good idea because I don't want to leave my country and migrate just for crypto currencies even if it's one of the most corrupt place in the world.
But I'm still hoping that crypto currencies will be widely appreciated and legalized by governments in different parts of the world even if they put some taxes for using it and make policies/rules and regulations it will be good for everyone. 
January 24, 2018, 04:27:59 AM
In my opinion, the amount of tax is too much. But It's not a bad news. It means that Korea government have accepted cryptocurrencies. Other governments will accept cryptocurrencies too. We are entering a new era.
Exchanges are company and must pay taxes. But users won't pay tax. It's very good.
Exchanges are company and must pay taxes. But users won't pay tax. It's very good.
January 24, 2018, 04:21:26 AM
This report hasn't been officially confirmed yet. If the South Korean government applies this new taxation rates to cryptocurrency exchanges then they would have to pay 24.2 percent of corporate and local income taxes, don't see why this new tax policy would have any significant impact on individual traders.
http://english.yonhapnews.co.kr/news/2018/01/22/0200000000AEN20180122002200320.html
https://en.wikipedia.org/wiki/List_of_countries_by_tax_rates
Quote
Under current laws, all corporations with income of over 20 billion won (US$18.7 million) are required to pay 22 percent and 2.2 percent of corporate and local income taxes on their income.
Bithumb, one of South Korea's major cryptocurrency exchanges, is expected to pay about 60 billion won in corporate and local income taxes as its estimated earnings reached 317.6 billion won last year, according to Yujin Investment & Securities.
Bithumb reported 49.23 billion won in earnings on 49.27 billion won of sales for the first seven months last year.
Bithumb, one of South Korea's major cryptocurrency exchanges, is expected to pay about 60 billion won in corporate and local income taxes as its estimated earnings reached 317.6 billion won last year, according to Yujin Investment & Securities.
Bithumb reported 49.23 billion won in earnings on 49.27 billion won of sales for the first seven months last year.
http://english.yonhapnews.co.kr/news/2018/01/22/0200000000AEN20180122002200320.html
https://en.wikipedia.org/wiki/List_of_countries_by_tax_rates
January 24, 2018, 04:19:59 AM
I think that this is really some good news.
A tax paying company should be welcome in every country of the world. A company that pays takes shows it is taking social responsibility serious and is not running away (like many of the really big corporations do).
And 24 percent is somewhere in the middle from what I know. There are countries with higher taxes and ones with lower taxes.
A tax paying company should be welcome in every country of the world. A company that pays takes shows it is taking social responsibility serious and is not running away (like many of the really big corporations do).
And 24 percent is somewhere in the middle from what I know. There are countries with higher taxes and ones with lower taxes.
January 24, 2018, 04:11:47 AM
First of all, it is good news to legalize cryptocurrencies, because it shows that bitcoin is gradually accepted by people and that tax rates are reasonable. After all, the amount of money involved in bitcoin is quite large.
January 24, 2018, 04:02:01 AM
The media reports that up to 24.2 percent taxes will be collected this year from crypto exchanges, the regulators say that the tax rates have not been decided.
January 24, 2018, 03:41:46 AM
Every country will put taxes on capital gains made by the traders and it would definitely hurt the profit of traders who do so many things to make small profits.
Still, I say it's a good move from a tech country like South Korea.
Still, I say it's a good move from a tech country like South Korea.
January 24, 2018, 03:38:27 AM
Great news that the government will no longer banned bitcoins in South Korea but it's really unfair for them to pay for the high taxes implemented seems like the government is holding the South koreans on the neck right now. I'm just wondering how will the government will going to regulate this one and maybe some South koreans will think to transfer to other neighboring countries with no crypto tax being regulated. Just a thought.
This is terrible news. If so, you have to give kolosalnye taxes to 24.2% this quarter from each transaction. If this is the income tax it too hard. Many will move to the use of exchanges in other countries. January 24, 2018, 03:33:16 AM
any truth to this?
seems okay or at least better than a ban?
Sounds like good news??
https://cointelegraph.com/news/s-korea-to-tax-crypto-exchanges-242-percent-in-line-with-existing-tax-policy
seems okay or at least better than a ban?
Sounds like good news??
https://cointelegraph.com/news/s-korea-to-tax-crypto-exchanges-242-percent-in-line-with-existing-tax-policy
I guess neither. Not a single crypto investor will be interested in investing if they are being taxed this much. Obviously they are still able to trade if they really wanted to and it's not illegal, and trading p2p probably won't get taxed anyways since it's just a fair swap without involving any companies and the government has no way of knowing that a bitcoin exchange has happened. So if you really wanted to rate this news, i guess it's better than banning altogether.
With this new progression, i think we'll see some crypto volume go from Korea back to Japan, where it is already one of the Asia's biggest bitcoin hubs. With the South Korean government not supporting bitcoin, Japan, who legalized bitcoin last year, is going to be the safe haven for investors.
These high tax percentages are basically discouraging big investors from investing. South Korea just didn't want to ban it altogether, but rather be able to collect some revenue.
January 24, 2018, 03:27:45 AM
Well, Australia where bitcoin is legalized also butted dubble high tax on crypto profit in the beginning, but from the last year after citizens' petitions they put regular tax which is spreaded for all income, 17% as I remember. I think this situation is going to be repeated in South Korea as well.
January 24, 2018, 03:22:10 AM
Governments taxation of crypto currency was going to happen at some point as soon as they seen they were losing out on a huge amount of revenue they had to be thinking they needed a slice of that. I think we will see more taxation and probably regulation of some form in the future too.
January 23, 2018, 10:50:07 PM
Good luck enforcing that.
And thank you SINGAPORE for being you.
And thank you SINGAPORE for being you.
Is singapore zero tax on crypto? or lower tax?
Zero for individuals. Zero for businesses not registered in Singapore. But the real plus is virtually no currency controls. You can take as much money into SG or out of SG as you want. The only * is that for cash, you need to declare over 20k SGD, but that is a non issue with crypto as crypto doesn't pass through customs anywhere.
Hint: you don't need to live in Singapore to enjoy its benefit. It's like you didn't need to live in Switzerland or Monaco to enjoy its benefits in the past (and still a good deal in the present). Just fly over, open some bank accounts (moderately easy: as long as you aren't from a third world country, just need a proof of address from your home bank; funds to deposit; and ID), open a few crypto exchange accounts (easy; however some require a local cell phone number... which is pretty easy to set up, you just need to remember to maintain it with local bill pay from your bank account). That's it, your funds now 'exist' in a place with no income tax on interest income.
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