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.