Korea To Tax Bitcoin Use

[ledu_ico]

South Korea is preparing to tax bitcoin use after the cryptocurrency’s trading volume skyrocketed past that of Kosdaq.
Death and taxes ... it seems that even bitcoins can't escape that

[Vannie12]

It's possible. Then it's a step to legality. When government ask for taxes in the use of bitcoin, it means that they are accepting it for implementation. In the Philippines, there are taxes upon the use of bitcoins. Via banks, remittances and Philippine made wallets for digital currency.

[error08]

South Korea is preparing to tax bitcoin use after the cryptocurrency’s trading volume skyrocketed past that of Kosdaq. Han Seung-hee, the commissioner of the country’s National Tax Service, told lawmakers this weekend that the issue of how to best tax cryptocurrencies is being discussed, including the areas of capital gains tax, the VAT, and gift tax.

https://news.bitcoin.com/south-korea-tax-bitcoin-use/

Government can't let capital gains without taxes after bitcoin surpass Kosdaq, soon or later people should pay taxes from every single profit they get.
But, hopefully South Korea's NTS do not implement same regulations which issued by IRS in USA, or people will use bitcoin under the radar and will not reporting their savings in bitcoin.

[chickenado]

Do they prepare to tax the use of bitcoin or do they prepare to tax bitcoin trading winnings?

There is pretty sure already a law in South Korea where you have to pay taxes on bitcoin trading winnings as this is covered by tax payment for any kind of trading winnings.

Even if they plan to tax the simple use of it, I have no idea how they want to enforce those tax payments based on an anonymous and decentralized system?

That's normal and tax is everywhere.If Korean government already embrace and accepted bitcoin officially in their country so that's not a problem and it can make happen if they want to. It's their choice and if it helps their economy to be more successful then they have to do it. I think it's not a problem after all. The thing is how can they immediately put an action with that if there are irregularities to happen for just a sudden situation fo instance,electricity and no internet connection or even calamities and disastrously environment to happen can they still manage to tax bitcoin? What do you think?

[UCHCHILD]

That would really be cool. But how they will going to put tac in their? In everytime the user will going to withdraw or convert btc to their currency? How can they manipulate it? If so, they have back up from the system of bitcoin (in my own thinking) but who knows this will gonna happen.

[Gaaara]

It's possible. Then it's a step to legality. When government ask for taxes in the use of bitcoin, it means that they are accepting it for implementation. In the Philippines, there are taxes upon the use of bitcoins. Via banks, remittances and Philippine made wallets for digital currency.

I think you're wrong there, in Philippines we don't taxes since our governments are unaware of bitcoin, they only care about being re-elected so basically things like bitcoin won't get notice by them. We only have a certain wallet that has a partners who supports bitcoin, banks and other things that is connected to bitcoin supports it including internet provider.

[unamis76]

Regulation and laws from authorities are a two sided knife, they can empower Bitcoin or hinder its progress. Bitcoin is in direct competition with the traditional banking system, so it's more likely that regulation hinders Bitcoin... Which is extremely sad and bad. So we're better off not being noticed and having no regulation at all. We can't afford the risks that this brings.

[Yakamoto]

South Korea is preparing to tax bitcoin use after the cryptocurrency’s trading volume skyrocketed past that of Kosdaq.
Death and taxes ... it seems that even bitcoins can't escape that

Well, you can't beat the government (easily) and when there is money for them to tax, they are going to tax it just to make your life that much more difficult or try to appeal to your altruistic side, regardless of whether or not you have one, and spend your taxes on keeping those who usually don't work going off of the multitude of welfare systems that likely exist. It's insane but they use everyone as consumers and seek to force everyone to consume something in some way, either through using the welfare systems to get people spending money for food and the like, or seeking to get people to take debt to keep the economy flowing.

[jseverson]

It's kind of inevitable. This is the price we pay to avoid an outright ban. If they decide not to tax it, then everyone will just move to using Bitcoin to avoid taxes, and tax collection will plummet. The government will not be able to provide welfare and infrastructure and won't have enough funds to keep the country running. It's annoying, but it's probably the only way to stop mass adoption from causing anarchy. I'd rather have that than a complete ban. It's not like governments will be able to control Bitcoin directly anyway.

[Psalms23]

South Korea is preparing to tax bitcoin use after the cryptocurrency’s trading volume skyrocketed past that of Kosdaq.
Death and taxes ... it seems that even bitcoins can't escape that

I think this is a good news.  Because this may mean that bitcoin is already accepted by the government and worries from banning bitcoin is out of the question.  Paying tax is not that of a problem as long as bitcoining is already accepted.

[SoulBargain]

Any link? Where does this news came from? I suggest to attach it in the OP.

Anyway, like Japan and any other governments, will tax it but as long as it is not abusive and it's reasonable then no need to worry much. Also, it will be used for the country's development so think of it as a contribution and as a duty of every citizen to pay taxes.

[ruskytailz02]

It's possible. Then it's a step to legality. When government ask for taxes in the use of bitcoin, it means that they are accepting it for implementation. In the Philippines, there are taxes upon the use of bitcoins. Via banks, remittances and Philippine made wallets for digital currency.

I think you're wrong there, in Philippines we don't taxes since our governments are unaware of bitcoin, they only care about being re-elected so basically things like bitcoin won't get notice by them. We only have a certain wallet that has a partners who supports bitcoin, banks and other things that is connected to bitcoin supports it including internet provider.

If the government tracked that you have lotsbof money they will questioned you and look for you...

Bitcoin is hard to implement taxess... if these will happen wallets exchanger thatvare internet based will be partner with the government and implement some fees and taxes in every widraw remit or exchange like what western union and other exchanger did... they add taxes and aditional fees whenever we withraw it...

I think korea doe's that and it is way how government take advantage of like what is posted on this thread

[erickkyut]

South Korea is preparing to tax bitcoin use after the cryptocurrency’s trading volume skyrocketed past that of Kosdaq.
Death and taxes ... it seems that even bitcoins can't escape that

I can't think a way if how Korea (is it south or north?) can make it possible to tax Bitcoin. We all know that one of the strongest characteristics of Bitcoin is it being decentralized and can use without proper identification. For the korean government to tax Bitcoin, they should know first whom to tax. How can they trace Bitcoin users? Maybe they can tax it if they will ask for a higher transaction fees if the user wants to convert their Bitcoin into fiat.

[whoisyourking]

South Korea is preparing to tax bitcoin use after the cryptocurrency’s trading volume skyrocketed past that of Kosdaq.
Death and taxes ... it seems that even bitcoins can't escape that

This is possible and ok to the users of bitcoin than banned bitcoin in that country forever, if its true then the bitcoin is now legal in that country and it is positive in terms of legality and acceptance of bitcoin in Korea..

[pat4cryptoreal]

The taxation of bitcoin may be possible but it will be a very technical task. The government have to setup a bitcoin taxation department and the taxation department will work together with the different exchangers in order to achieve that. Government getting involve will  make bitcoin centralized which is not how it ought to be. Bitcoin is a currency that suppose to be out of government control.

[gribble]

South Korea is preparing to tax bitcoin use after the cryptocurrency’s trading volume skyrocketed past that of Kosdaq.
Death and taxes ... it seems that even bitcoins can't escape that

Yes, they have reason that “Bitcoins can be used for purchasing goods, etc., and profits arising from using them will be subject to income tax” i have got this information from here https://news.bitcoin.com/south-korea-tax-bitcoin-use/ i have said that the world always try to getting our money, it is normal if the they addopt technology of blockchain to manage of the taxes, it will be more transparant and the government of south Korea needs money to build their country.

[Brama Jasa]

of course a country wants to tax the bitcoin trade in the country, the tax can be for the development of the country, I think the Korean government is smart

[newlone]

It's too big and the total exchange big as many investors are interested and involved in bitcoin.  The government will tax it and get some money from it. Not a single state ignores a great opportunity to increase their value.

[kenkoy]

South Korea is preparing to tax bitcoin use after the cryptocurrency’s trading volume skyrocketed past that of Kosdaq.
Death and taxes ... it seems that even bitcoins can't escape that

I think this will have good and bad effects to BTC users.  good because it means that BTC will finally be legal and accepted if it will be due for tax.  Bad,  because it will create additional fees.  Both ways,  i believe this will impact Bitcoin greatly on a global scale.

[HabBear]

South Korea is preparing to tax bitcoin use after the cryptocurrency’s trading volume skyrocketed past that of Kosdaq.
Death and taxes ... it seems that even bitcoins can't escape that

Is this news? Several countries have issued guidance on how to account for taxes on Bitcoin, which isn't even as simple as saying "yeah, you gotta pay taxes on bitcoin." These countries have skipped that step and simply assumed "of course you'd have to pay taxes on bitcoin" and went straight to explaining how they expect the tax to be assessed.