South Korean Gov massive tax hit - Monday Jan 22, 2018

[ClutchThese]

http://fortune.com/2018/01/22/south-korea-bitcoin-exchange-tax/

South Korea’s government is hitting the country’s cryptocurrency exchanges with massive tax demands, in its latest attempt to rein in the booming and volatile sector.

According to a finance ministry official, cited in a Yonhap report on Monday, South Korean cryptocurrency exchanges will this year need to pay 22% corporate and 2.2% local income taxes on last year’s earnings by the end of March and April respectively, if they had an annual income of over 20 billion won ($18.8 million) during 2016.

Seems like you can chalk up some of todays low's as the Korean Gov laying the smack down.

[gentlemand]

So they're going to be taxed pretty much like everywhere else. Oh the humanity.

I can't believe a professionally run country has been so stunningly slack as South Korea. No regulations, no tax outlines, no preparations at all until their back is fully against the wall. Pathetic.

[bucciarati]

so price will fall down to rest of the world level, no one is going to pay a premium price in south korean exchanges and they will be back on coinmarketcap

lot of weak hands will sell at discount causing a crash, whales gets bigger and low price level (low as you can consider low a price between 7,500 usd and 10,000 usd) will be trigger for institutional investor to jump in

50,000usd end 2018 confirmed ;-)

[Metherry]

South Korea’s government is hitting the country’s cryptocurrency exchanges with massive tax demands, in its latest attempt to rein in the booming and volatile sector.

All they can do is continue to charge fees on the central platforms, but people can ignore all of these things by buying and selling without identity records.
How can South Korea government apply this tax? they can’t stop p2p selling.

According to a finance ministry official, cited in a Yonhap report on Monday, South Korean cryptocurrency exchanges will this year need to pay 22% corporate and 2.2% local income taxes on last year’s earnings by the end of March and April respectively,

Also, these high taxes will lead minds to create more solutions that make us pay less.
groups and forum like this can break this high fee.
they will reduce demand but can’t ban it.

Governments seek profits from anywhere they can tax.

[ClutchThese]

http://fortune.com/2018/01/22/south-korea-bitcoin-exchange-tax/

South Korea’s government is hitting the country’s cryptocurrency exchanges with massive tax demands, in its latest attempt to rein in the booming and volatile sector.

According to a finance ministry official, cited in a Yonhap report on Monday, South Korean cryptocurrency exchanges will this year need to pay 22% corporate and 2.2% local income taxes on last year’s earnings by the end of March and April respectively, if they had an annual income of over 20 billion won ($18.8 million) during 2016.

Seems like you can chalk up some of todays low's as the Korean Gov laying the smack down.

How can South Korea government apply this tax? they can’t stop p2p selling.
groups and forum like this can break this high fee.
they will reduce demand but can’t ban it.

They are applying the tax to the exchanges. Who do you think will ultimately pay that fee? Companies don't just eat 22% tax and let you continue on as normal.