Bitcoin Forum
May 04, 2024, 04:33:24 AM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: [2021-09-25]South Korean Taxman to Be Granted Right to Search Crypto Tax Evaders  (Read 107 times)
Woodie (OP)
Hero Member
*****
Offline Offline

Activity: 1806
Merit: 871


Rollbit.com ⚔️Crypto Futures


View Profile WWW
September 25, 2021, 05:28:09 PM
 #1

Things are going from bad to worse for South Korean crypto investors. Fresh from seeing their crypto exchange options shrivel to just four, heavily audited platforms on Friday, they are now being told that if they seek to sidestep crypto trading profits reporting protocols, their coins could be liquidated – and bailiffs could be sent to search their houses.

Crypto is not yet taxable in South Korea, but as of January 1, 2022, all crypto profits above USD 2,100 will need to be declared, and traders will be forced to pay a flat rate of 20% on their earnings above this threshold.

In addition, local branches of the National Tax Service (NTS) have been executing a countrywide crackdown on individuals they suspect of making crypto buys in order to avoid declaring income. This initiative has seen millions of USD worth of tokens seized and in many instances liquidated by the NTS, which demands not only overdue tax bills, but also fines in some instances.

But, Maeil Kyungjae reported, the Ministry of Strategy and Finance confirmed that the government “recently submitted an amendment to the National Tax Collection Act” to the National Assembly.

The latter is almost certain to green-light the proposal, which will be bundled with other legal amendments and hurried through parliament in the coming weeks.

Read more https://cryptonews.com/news/south-korean-taxman-to-be-granted-right-to-search-crypto-tax-evaders-homes.htm

R


▀▀▀▀▀▀▀██████▄▄
████████████████
▀▀▀▀█████▀▀▀█████
████████▌███▐████
▄▄▄▄█████▄▄▄█████
████████████████
▄▄▄▄▄▄▄██████▀▀
LLBIT
  CRYPTO   
FUTURES
 1,000x 
LEVERAGE
COMPETITIVE
    FEES    
 INSTANT 
EXECUTION
.
   TRADE NOW   
1714797204
Hero Member
*
Offline Offline

Posts: 1714797204

View Profile Personal Message (Offline)

Ignore
1714797204
Reply with quote  #2

1714797204
Report to moderator
According to NIST and ECRYPT II, the cryptographic algorithms used in Bitcoin are expected to be strong until at least 2030. (After that, it will not be too difficult to transition to different algorithms.)
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1714797204
Hero Member
*
Offline Offline

Posts: 1714797204

View Profile Personal Message (Offline)

Ignore
1714797204
Reply with quote  #2

1714797204
Report to moderator
1714797204
Hero Member
*
Offline Offline

Posts: 1714797204

View Profile Personal Message (Offline)

Ignore
1714797204
Reply with quote  #2

1714797204
Report to moderator
1714797204
Hero Member
*
Offline Offline

Posts: 1714797204

View Profile Personal Message (Offline)

Ignore
1714797204
Reply with quote  #2

1714797204
Report to moderator
Sithara007
Legendary
*
Offline Offline

Activity: 3192
Merit: 1344


Leading Crypto Sports Betting & Casino Platform


View Profile
September 26, 2021, 04:20:43 AM
 #2

I am OK with most of these proposed regulations on cryptocurrency transactions. It is not going to affect the small-scale traders, as profits up to $2,100 are not taxable. And even after this threshold, the tax rate is just 20% (less than half of what we have in our country). So I am not sure why so many people are protesting against these measures. All the exchanges in South Korea are KYC enabled and therefore the data is readily available with the government. And despite that, if someone try to evade taxes, then it is his problem.

..Stake.com..   ▄████████████████████████████████████▄
   ██ ▄▄▄▄▄▄▄▄▄▄            ▄▄▄▄▄▄▄▄▄▄ ██  ▄████▄
   ██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██  ██████
   ██ ██████████ ██      ██ ██████████ ██   ▀██▀
   ██ ██      ██ ██████  ██ ██      ██ ██    ██
   ██ ██████  ██ █████  ███ ██████  ██ ████▄ ██
   ██ █████  ███ ████  ████ █████  ███ ████████
   ██ ████  ████ ██████████ ████  ████ ████▀
   ██ ██████████ ▄▄▄▄▄▄▄▄▄▄ ██████████ ██
   ██            ▀▀▀▀▀▀▀▀▀▀            ██ 
   ▀█████████▀ ▄████████████▄ ▀█████████▀
  ▄▄▄▄▄▄▄▄▄▄▄▄███  ██  ██  ███▄▄▄▄▄▄▄▄▄▄▄▄
 ██████████████████████████████████████████
▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄
█  ▄▀▄             █▀▀█▀▄▄
█  █▀█             █  ▐  ▐▌
█       ▄██▄       █  ▌  █
█     ▄██████▄     █  ▌ ▐▌
█    ██████████    █ ▐  █
█   ▐██████████▌   █ ▐ ▐▌
█    ▀▀██████▀▀    █ ▌ █
█     ▄▄▄██▄▄▄     █ ▌▐▌
█                  █▐ █
█                  █▐▐▌
█                  █▐█
▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀█
▄▄█████████▄▄
▄██▀▀▀▀█████▀▀▀▀██▄
▄█▀       ▐█▌       ▀█▄
██         ▐█▌         ██
████▄     ▄█████▄     ▄████
████████▄███████████▄████████
███▀    █████████████    ▀███
██       ███████████       ██
▀█▄       █████████       ▄█▀
▀█▄    ▄██▀▀▀▀▀▀▀██▄  ▄▄▄█▀
▀███████         ███████▀
▀█████▄       ▄█████▀
▀▀▀███▄▄▄███▀▀▀
..PLAY NOW..





AVATAR & PERSONAL TEXT



Leading Crypto Sports Betting & Casino Platform




Feel free to drop your doubts bellow
Report to moderator 
♠ ♥ ♣ ♦       ▬▬▬ ▬          Stake.com     /     Play Smarter          ▬ ▬▬▬       ♠ ♥ ♣ ♦
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
L E A D I N G   C R Y P T O  C A S I N O   &   S P O R T S   B E T T I N G
 
 Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
Strongkored
Legendary
*
Online Online

Activity: 2072
Merit: 1061




View Profile Personal Message (Online)
Trust: +0 / =0 / -0
Ignore
   
Re: [OPEN]Stake.com NEW SIGNATURE CAMPAIGN l NEW PAYRATES l HERO & LEG ONLY
May 31, 2022, 08:28:59 AM
Reply with quote  +Merit  #2
Bitcointalk Username: strongkored
Profile Link: https://bitcointalk.org/index.php?action=profile;u=640554
Post Count: 5040
Forum Rank: Legendary
Are you able to wear our Signature, Avatar & Personal Text? will wear upon receipt
Stake
SFR10
Legendary
*
Offline Offline

Activity: 2996
Merit: 3417


Crypto Swap Exchange


View Profile WWW
September 26, 2021, 03:37:20 PM
 #3

and bailiffs could be sent to search their houses.
But, the ministry confirmed, the new powers will allow tax officers to search homes and other premises if the need arises.

The measure will also grant officers the right to convert crypto funds to fiat KRW wherever they find them.
I'm curious to know what would happen if they couldn't find any crypto-asset in those houses?!

Crypto is not yet taxable in South Korea, but as of January 1, 2022, all crypto profits above USD 2,100 will need to be declared,
Does anybody know if that's per month or per year?
- If it's the latter one, then it's really bad in comparison to Slovenia [€15K per year].

and traders will be forced to pay a flat rate of 20% on their earnings above this threshold.
I've seen worse!

So I am not sure why so many people are protesting against these measures.
Based on what I've read last week, one of the main issues was about forming a monopoly [to a large extent]!

█▀▀▀











█▄▄▄
▀▀▀▀▀▀▀▀▀▀▀
e
▄▄▄▄▄▄▄▄▄▄▄
█████████████
████████████▄███
██▐███████▄█████▀
█████████▄████▀
███▐████▄███▀
████▐██████▀
█████▀█████
███████████▄
████████████▄
██▄█████▀█████▄
▄█████████▀█████▀
███████████▀██▀
████▀█████████
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
c.h.
▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄
▀▀▀█











▄▄▄█
▄██████▄▄▄
█████████████▄▄
███████████████
███████████████
███████████████
███████████████
███░░█████████
███▌▐█████████
█████████████
███████████▀
██████████▀
████████▀
▀██▀▀
o_e_l_e_o
In memoriam
Legendary
*
Offline Offline

Activity: 2268
Merit: 18509


View Profile
September 27, 2021, 03:00:57 PM
 #4

they are now being told that if they seek to sidestep crypto trading profits reporting protocols, their coins could be liquidated
Such is the beauty of bitcoin - nothing can be liquidated unless the owners allow it to be, by handing over their private keys to a third party such as law enforcement or a centralized exchange. Keep the coins in your own wallet with a secure password, and good luck to anyone who wants to try to brute force it to liquidate your coins against your will. If you are storing your coins on a centralized exchange then you are already taking the risk of having all your coins liquidated, frozen, or seized, against your will. Who exactly the third party who is doing that liquidation is more or less irrelevant. Don't want your coins to be liquidated against your will? Hold them in your own wallet.

Even better, stop using the centralized exchanges altogether, and trade exclusively peer to peer while holding your own private keys at all times. No forced liquidation, no ridiculous privacy invasion. Win-win.

So I am not sure why so many people are protesting against these measures.
Because having your coins forcibly liquidated is wrong? And sending bailiffs to your house to presumably search for and seize cryptocurrency wallets is just ridiculous.
bryant.coleman
Legendary
*
Offline Offline

Activity: 3654
Merit: 1217


View Profile
September 28, 2021, 01:31:54 PM
 #5

Crypto is not yet taxable in South Korea, but as of January 1, 2022, all crypto profits above USD 2,100 will need to be declared,
Does anybody know if that's per month or per year?
- If it's the latter one, then it's really bad in comparison to Slovenia [€15K per year].

LOL.. seriously? Do you really expect the governments to give a tax rebate of $25,200 per year? And that too in Asia? I have no idea about Slovenia and this is the first time I am hearing that they have such a high threshold. If this is true, then Slovenia may be the second paradise for cryptocurrency users (after El Salvador offcourse, and the added advantage is that you don't need to deal with gang violence as the case with the latter). I am OK with this threshold. $2,100 is not a small amount and it is enough for the part-time investors to avoid paying taxes on their profits from crypto.
SFR10
Legendary
*
Offline Offline

Activity: 2996
Merit: 3417


Crypto Swap Exchange


View Profile WWW
September 28, 2021, 04:53:00 PM
 #6

Do you really expect the governments to give a tax rebate of $25,200 per year? And that too in Asia?
Since we're talking about a first-world country, then "yes" but I was wrong... I managed to find the answer to my own question, in another article from the same news outlet:


I have no idea about Slovenia and this is the first time I am hearing that they have such a high threshold.
You can refer to the following thread: Slovenian crypto tax proposition

I am OK with this threshold. $2,100 is not a small amount and it is enough for the part-time investors to avoid paying taxes on their profits from crypto.
You have a point, but how would you feel after reading the following parts as a crypto trader in South Korea?


█▀▀▀











█▄▄▄
▀▀▀▀▀▀▀▀▀▀▀
e
▄▄▄▄▄▄▄▄▄▄▄
█████████████
████████████▄███
██▐███████▄█████▀
█████████▄████▀
███▐████▄███▀
████▐██████▀
█████▀█████
███████████▄
████████████▄
██▄█████▀█████▄
▄█████████▀█████▀
███████████▀██▀
████▀█████████
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
c.h.
▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄
▀▀▀█











▄▄▄█
▄██████▄▄▄
█████████████▄▄
███████████████
███████████████
███████████████
███████████████
███░░█████████
███▌▐█████████
█████████████
███████████▀
██████████▀
████████▀
▀██▀▀
leea-1334
Hero Member
*****
Offline Offline

Activity: 2240
Merit: 953


Temporary forum vacation


View Profile
September 29, 2021, 10:51:13 AM
 #7

Maybe it is because SK is a strong ally of the US and even in regular finance they have been getting closer and closer to USA in terms of how they make regulations. So now even in the Asian part of the globe people cannot run from tax overseas. Still,,, I do not think it will reach the extent of IRS for many more years. Very strange move from SK who seemed to be crypto friendly before and yet now is making it very discriminatory. For sure this was political pressure from stock market players.

.
..........
██████████████████████████████████████████████████████████████
██████████████████████████████████████████████████████████████
█████████████░░██████████████████████████░░███████████████████
███████████████░░██████████████████████████░░█████████████████
█████████████████░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░███████████████
█████████████████░░░░░░░░░░██░░██░░░░░░░░░░██░░███████████████
███████████████████░░░░░░██░░██████░░░░░░██░░█████████████████
█████████████████████░░░░░░██████████░░░░░░███████████████████
██████████████████████████████████████████████████████████████
██████████████████████████████████████████████████████████████
██████████████████████████████████████████████████████████████

▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
.
.....I AM BLACKJACK.FUN.....
██████████████████████████████████████████████████████████████
██████████████████████████████████████████████████████████████
█████████████░░██████████████████████████░░███████████████████
███████████████░░██████████████████████████░░█████████████████
█████████████████░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░███████████████
█████████████████░░░░░░░░░░██░░██░░░░░░░░░░██░░███████████████
███████████████████░░░░░░██░░██████░░░░░░██░░█████████████████
█████████████████████░░░░░░██████████░░░░░░███████████████████
██████████████████████████████████████████████████████████████
██████████████████████████████████████████████████████████████
██████████████████████████████████████████████████████████████

▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
.
..........
sunsilk
Hero Member
*****
Offline Offline

Activity: 2912
Merit: 620



View Profile
September 30, 2021, 12:45:58 AM
 #8

If they really want to track all of those tax evaders, they have to be lite with their requirements towards their local exchanges. It's the key for them to attract those folks in able for them to have them track and tax them as they'll find it convenient using local exchanges.

But on the other hand, their government is also giving a bad sign of making hard compliance to the exchanges, and out of the many that are existing there, a lot have already stopped and won't pursue doing business because of it.


hello_good_sir
Hero Member
*****
Offline Offline

Activity: 1008
Merit: 531



View Profile
October 01, 2021, 01:47:11 AM
 #9

This is very interesting.

As long as they are pushing for positive regulation and adoption, I honestly don't see a problem with this.

Of course the tax sucks but I would rather have a situation like Korea than something like China with a flat out ban. The government just wants to cash in on the crypto craze, that's all.

Kong Hey Pakboy
Member
**
Offline Offline

Activity: 1120
Merit: 68


View Profile
October 01, 2021, 02:03:34 PM
 #10

20% is such an unfair number, if they're going to tax everyone then those at the lower end won't find crypto profitable since they're going to either wait and hodl for what they to grow or quit trading. Plus, why did they jump to the conclusion that crypto=tax evaders? The bigger tax evaders are their friends in high places, and they just want to divert the attention.

▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ ★ ★ ★ ★ ★ ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
PLINKO    |7| SLOTS     (+) ROULETTE    ▼ BIT SPINBITVESTPLAY or INVEST ║ ✔ Rainbot  ✔ Happy Hours  ✔ Faucet
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ ★ ★ ★ ★ ★ ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
Kyraishi
Hero Member
*****
Offline Offline

Activity: 952
Merit: 513



View Profile
October 08, 2021, 01:14:39 AM
 #11

I don't think that having such a surprise reaction is the best idea.

They're now forcing all the exchanges to essentially comply to unbelievably complex arrangements in a short period of time which is simply not going to happen.

If their motive is to restrict access to crypto then this is the perfect way to do it. But if it's to increase the tax revenue they get from crypto then this is definitely not the way to go.

Ozero
Full Member
***
Offline Offline

Activity: 2044
Merit: 180


Chainjoes.com


View Profile
October 08, 2021, 04:33:08 AM
 #12

20% is such an unfair number, if they're going to tax everyone then those at the lower end won't find crypto profitable since they're going to either wait and hodl for what they to grow or quit trading. Plus, why did they jump to the conclusion that crypto=tax evaders? The bigger tax evaders are their friends in high places, and they just want to divert the attention.
That's that. We will all need to get used to the fact that government-set taxes on profits in cryptocurrency will have to be paid if we want to make money in cryptocurrency calmly and openly. I don't see anything wrong with that. The only question is the amount of such a tax. Twenty percent of the profit is decent, but in Japan this percentage reaches 49 and nothing, people work and pay taxes. But the cryptocurrency is legalized by the state and is under state and judicial protection.

stompix
Legendary
*
Offline Offline

Activity: 2884
Merit: 6284


Blackjack.fun


View Profile
October 08, 2021, 07:03:33 AM
 #13

Crypto is not yet taxable in South Korea, but as of January 1, 2022, all crypto profits above USD 2,100 will need to be declared,
Does anybody know if that's per month or per year?
- If it's the latter one, then it's really bad in comparison to Slovenia [€15K per year].

Small difference.

The amount in SK refers to the profit, the 15k Euros limit in Slovenia is based on the amount, so even if you have made just 1k euros out of 20k invested you're going to file for taxes, and end up paying if the first proposal is passed 10% of that so it's 2100E. By comparison in SK, you will not pay in this situation.
On top of that, the second proposal in Slovenia is for a 25% tax on profit so obviously, this is going to be worse than SK.

20% is such an unfair number,

It's around the standard in most countries for the lowest income brackets, if we speak of Europe and the highest tax rates it easily goes over 50% in some cases.
It's income? It is, then why should this not be taxed if others are?

.
.BLACKJACK ♠ FUN.
█████████
██████████████
████████████
█████████████████
████████████████▄▄
░█████████████▀░▀▀
██████████████████
░██████████████
████████████████
░██████████████
████████████
███████████████░██
██████████
CRYPTO CASINO &
SPORTS BETTING
▄▄███████▄▄
▄███████████████▄
███████████████████
█████████████████████
███████████████████████
█████████████████████████
█████████████████████████
█████████████████████████
███████████████████████
█████████████████████
███████████████████
▀███████████████▀
█████████
.
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!