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The South Korean government has proposed an amendment to the tax code to allow the country’s tax authority to seize and sell cryptocurrencies belonging to delinquent taxpayers. “The revision will allow direct seizing without court-approved change in ownership records. Assets held by tax dodgers in the form of digital coins will no longer evade seizure … Read more
Tax season for United States residents is fast approaching, and the IRS wants to know about everyone’s involvement in the crypto space. Thanks to a recently updated income tax form including a question about crypto activity, tax preparation companies like H&R Block are advising filers to be sure to disclose their details. The service maintains … Read more
The U.S. Internal Revenue Service (IRS) has finalized and put in use a new tax form that requires crypto owners to declare whether they received, bought, sold, exchanged, or acquired any cryptocurrencies in 2019. Tax experts are frustrated at the vagueness of the tax agency, with some questioning whether the answers would increase the chances … Read more
Cryptocurrency enthusiasts and businesses in the industry have had to put up with regulatory uncertainty for quite some time. The strong desire to tap into their incomes and profits goes hand in hand with failure on behalf of authorities and regulators to fully understand the nature of decentralized digital assets. Not to mention how absurd … Read more
The South Korean government has announced a new set of tax law amendments. Under this proposal, bitcoin exchanges will no longer be eligible for income and corporate tax deductions currently enjoyed by small and medium-sized businesses. The regulators have also been considering imposing capital gains tax on the sale of cryptocurrencies. Also read: Yahoo! Japan Confirms … Read more
Cryptocurrency transactions are still tax-free in South Korea due to a lack of tax regulations. As the law stands, citizens are able to profit millions of won from cryptocurrencies without being required to pay taxes on them. However, the regulators have set a tentative timeframe for the introduction of the crypto tax law. Also read: Japan’s … Read more
