SOUTH KOREA NOT BANNING CRYPTO NOW - but want 24.2 percent tax? - page 4.

ChickenDuck

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This tax is corporate tax, which is for BTC exchange, not individual, so it's a pretty good news.

Quote from: cryptohunter on January 22, 2018, 09:07:24 PM

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

pinkflower

sr. member

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Quote from: kingkats0803 on January 22, 2018, 09:13:09 PM

Isn't that a bit too much of tax?
and how would they regulate taxation protocol when holders of crypto transact anonymously?

But yes it is better than totally banning it! However, doing so would have a domino effect on other countries.. and people are used to no regulations with cryptos

I dont think thats too much. In South Korea, capital gains in the stock market is 20%. Thats only 4.2% more for capital gains made in crypocurrencies.

The good news is Korean traders will be forced to hold everything in BTC now and start trading for profits in BTC, not fiat just like a real Bitcoiner lol.

cryptohunter

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Quote from: Dapper on January 22, 2018, 10:37:26 PM

Good luck enforcing that.

And thank you SINGAPORE for being you.

Is singapore zero tax on crypto? or lower tax?

Dapper

sr. member

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Good luck enforcing that.

And thank you SINGAPORE for being you.

sabine80

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Quote from: cryptohunter on January 22, 2018, 09:07:24 PM

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

wow, 24% tax is high, but it's better to pay high tax than to ban bitcoins. for me is this a good news. no ban from south korea is good for btc.

OninLoki

jr. member

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I don’t hear the news yet but this is a good new on South Korea people involve on crypto currency, but the tax is unfair enough or this is fair enough rather Banning all type of Crypto currency. In other side these is good news on the crypto currency because South Korea is legalizing the crypto currency.

senin

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Apparently, after all, a tax of 24 percent is introduced in South Korea from the owners of exchanges. For citizens, I hope it will be much less. Citizens of this country several times recently showed that they are ready to defend their rights and therefore it is unlikely that the government will establish such a draconian tax for citizens.

zhuiyongliang8

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As far as I know, taxes seem to be a tax on exchanges, which they earn.

I think it's more reasonable and better than the ban.

I would accept a 24 percent profit tax, not a ban.

cryptohunter

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Quote from: Nunoluck on January 22, 2018, 09:59:56 PM

Quote from: mrwhipped on January 22, 2018, 09:27:40 PM

24% seems a bit steep but in a good way its not being stopped , they know how much money they can get out of the crypto currency markets and rather ban it let it carry on with a hefty tax %

High tax rate will reduce investors interest to invest in south korea. It's actually not good for south korea. Australia also did that but the regulations was changed due to the decreasing number of fintech in industries that operate in Australia. Bitcoin is very useful for financial and technology industry so must be treated appropriately.

I guess it is a bit steep but 24% of any profits taken is better than no profits is it not?

Besides that bracket is a high one perhaps no tax on profits to a certain level for individuals.

Most of the comments on cointelegraph demostrate it is bad news.... so did those people not think the ban was for real anyway?

I would have thought if the entire global mantra from govs was 24% on all fiat profits from trading crypto but it is fully legalised would be pretty good news all round and the crypto party is here in full swing...

barontamago

newbie

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Its a little bit too much i think. but if this is the only way to legalize it then they don't have a choice unless they make a move to reduce a little bit in tax cause bitcoin owner will only receive the effect its make they profit less because of that higher tax. but i think that tax isn't a final decision. lets observe and wait for the outcome.

babyshaun

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Quote from: cryptohunter on January 22, 2018, 09:07:24 PM

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

it hurts for korean crypto 24% tax this is a double tax than the original tax fee. This tax is only for local currency in its area. But it's a bad idea that other local exchanger may also be following a 24% tax tax evasion of a local exchanger this is my opinion only. We should notice that the local exchanger pays tax for the government not the crypto users.
Earned by Korean korean users will only be taxed at 24% tax i think based in the principal amount.
the korean crypto users no longer have to accept it rather than bitcoin banning.

Nunoluck

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Quote from: mrwhipped on January 22, 2018, 09:27:40 PM

24% seems a bit steep but in a good way its not being stopped , they know how much money they can get out of the crypto currency markets and rather ban it let it carry on with a hefty tax %

High tax rate will reduce investors interest to invest in south korea. It's actually not good for south korea. Australia also did that but the regulations was changed due to the decreasing number of fintech in industries that operate in Australia. Bitcoin is very useful for financial and technology industry so must be treated appropriately.

iamsange

sr. member

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Merit: 391

Quote from: cryptohunter on January 22, 2018, 09:07:24 PM

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

if that is true i think it is still better than banning bitcoin. in my country government always say bad about bitcoin and never look it deeply. if i can choose i prefer to pay tax but bitcoin can be legally in my country

CinemaAI

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Quote from: jseverson on January 22, 2018, 09:52:16 PM

Quote

The announced tax percentages are in line with the South Korean tax code for all corporations that make a yearly income of over 20 bln won ($18.7 mln).

It's in line with the country's current tax code, so there is no anti-cryptocurrency campaign going on. If the exchanges are operating in South Korea, then they have to follow South Korea's tax laws. Every other company does.

The 24.2 percent tax is taken from the exchanges' profits, not the trader (unless he makes obscene amounts of money to end up in that tax bracket). Part of this is inevitably going to be shouldered by their customers though, so that kind of sucks, but it's also fair. What would be unfair is if they charged higher taxes for crypto-based earnings, and they're not doing that.

If it is indeed on the exchanges' profits, that is only reasonable and normal. Every business should expect to pay some taxes on their profits. And of course those are eventually passed onto their customers. That's just how every business operates. So actually, it's good news. Bringing them into the tax system is implicitly legalizing them. And once the gov starts making money from them, they will be much less likely to shut them down.

maxj57634

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Quote from: cryptohunter on January 22, 2018, 09:07:24 PM

any truth to this?

I think its still unconfirmed until their government releases this issue on the news agencies.

Quote from: cryptohunter on January 22, 2018, 09:07:24 PM

seems okay or at least better than a ban?

Literally better than dropping the ban hammer, at least they are still given a chance to do trades which i think will give the market another boost.

Quote from: cryptohunter on January 22, 2018, 09:07:24 PM

Sounds like good news??

Some how its still a good news but its gonna hurt because 24.2% is quite high for a tax. Its their governments decision so i think they are planning for theirs countries future economy.

dogmatixxx

newbie

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I love how governments pretend to be working for the people.

jseverson

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Quote

The announced tax percentages are in line with the South Korean tax code for all corporations that make a yearly income of over 20 bln won ($18.7 mln).

It's in line with the country's current tax code, so there is no anti-cryptocurrency campaign going on. If the exchanges are operating in South Korea, then they have to follow South Korea's tax laws. Every other company does.

The 24.2 percent tax is taken from the exchanges' profits, not the trader (unless he makes obscene amounts of money to end up in that tax bracket). Part of this is inevitably going to be shouldered by their customers though, so that kind of sucks, but it's also fair. What would be unfair is if they charged higher taxes for crypto-based earnings, and they're not doing that.

Roboabhishek

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Quote from: cryptohunter on January 22, 2018, 09:07:24 PM

any truth to this?

seems okay or at least better than a ban?

Sounds like good news??

Didn't hear about that news but if it's true then you will see many South Korean miners putting stop to the mining if banned.
But I don't understand what's the meaning of this tax. Since the miners will be paid anonymously by the pool then how can SK expect to get the tax paid?

cryptohunter

legendary

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Quote from: ?? on ??

They did same thing in USA

Trump got rid of the Rule 1030 trade for like rule

So now you trade in any crypto the gains are instantly taxable

So that destroys the exchanges in USA

You make say 100K in btc then trade into bch or whatever

the gain is instantly taxable, even though you saw no fiat

So USA and SK are on same page they want tax income on paper profits

I will never trade one thing inside the usa now

screw trump that jerk

Hold on though this is just on exchange owners profits right? in fiat

Individuals in S Korea we don;t yet know how they will be taxed do we?

Perhaps they will not be expected to pay tax unrealistically on each crypto to crypto trade?

Not sure where they are going with that yet.

marydale

jr. member

Activity: 83

Merit: 1

Equitybase

I think imposing tax on crypto profits is fair enough.. but 24% may be a little high for starters.
I would say this is good news, it means crypto market is now accepted as legal.
But regulations need to be polished

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