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Virtual currency taxation in South Korea

Publish: 2021-04-24 14:40:53
1. The State Administration of Taxation emphasizes that the original value of an indivial's property in selling virtual currency, the price paid for his purchase of network virtual currency and related taxes. If an indivial is unable to provide evidence of the original value of his property, the original value of his property shall be verified by the competent tax authorities

according to the relevant sources of Beijing Local Taxation Bureau, the tax rate of indivial income tax calculated according to the "income from property transfer" project is fixed at 20%, and Beijing Local Taxation Bureau will also introce relevant measures to verify the original value of virtual currency property sold by indivials

about virtual currency:

virtual currency refers to the substitute currency circulating in the network virtual world. In addition to the virtual currencies issued by major online game companies with various names, Tencent Q currency is also widely used

at present, the online transaction in the virtual world has greatly exceeded people's imagination, and has formed a huge online transaction market of proction, supply and marketing. Moreover, a group of professional workers specialized in "coin printing" came into being; There are also special exchange shops for various game currencies.
2.

According to Yonhap, the South Korean financial commission and other financial departments held a press conference at the Seoul Office Building of the central government on the 23rd to release the results of the on-site investigation of virtual currency and the criteria for preventing money laundering, and stipulated that the real name trading system of virtual currency will be implemented from the 30th of this month, and the existing virtual currency accounts will be suspended

previously, Hong Nanji, head of the state adjustment Office of South Korea, said that virtual currency is not legal tender, and the government has repeatedly warned that there are hidden dangers in the virtual currency market, such as big price fluctuation, fraud, and hackers attacking trading institutions. However, there are still some phenomena in the market, such as the market price of most virtual currencies at home is higher than that abroad, blind speculation and so on

There are policies on the one hand and Countermeasures on the other

3. Gridcoin was released on January 30, 2014. The algorithm of script is 2.5 minutes per block, 5-150 per block, with a total of 168 million. Nominally, it is a foreign cryptocurrency, but it is uncertain whether it is developed and operated by the domestic development team. This is an unknown counterfeit coin, and there is not much innovation. Because of its small plate, Shanzhai coins are easy to be controlled by Dazhuang or the platform. It is very easy for the platform to circle money and run away or the Dazhuang platform to sell on a large scale. Finally, this kind of Shanzhai coins will die. It is suggested to stay away from this kind of counterfeit coin.
4.

According to the regulations of notice 2014-21 of the IRS:

1. The information range of virtual currency payment is consistent with that of other property payment

2. Virtual currency paid to service providers and independent contractors should be taxed, and the tax rules of freelance also apply to virtual currency. Taxpayers usually have to get form 1099-MISC

3. When using virtual currency to pay wages to employees, they must also pay taxes, and they also need to pay federal income tax and payroll tax

4. The third party accepting virtual currency settlement payment on behalf of the merchant must report the payment status in form1099-k, payment card and the third party network dealer

5. Based on the fact that the virtual currency in the hands of taxpayers is a kind of capital asset, the gains or losses in the transaction of virtual currency and the sales of virtual currency need to be taxed

extended information:

legal status of bitcoin in China

in China, the regulations on the administration of RMB prohibit the proction and sale of token tickets. Because there is no clear judicial interpretation of the definition of token ticket, if bitcoin is included in the "token ticket", the legal prospect of bitcoin in China will face uncertainty

the notice of the Ministry of culture and the Ministry of Commerce on strengthening the management of virtual currency of online games (Wen Shi Fa [2009] No. 20) on June 4, 2009 stated that the application scope of virtual currency of online games was defined for the first time, and the distinction between the current virtual currency of online games and the virtual props in the game was made; At the same time, the notice said that the "notice" stipulates that enterprises engaged in related services must be approved before they can operate< br />

5. The central hospital is a class a general hospital and the fifth hospital is a class a specialized hospital
6. Click the arrow on the right side of the touchbar to call up the complete control panel. A pair of touchable buttons are responsible for the brightness of the keyboard light. The keyboard light is embedded in the keyboard, only the words on the keyboard are luminous, and there is no light leakage around
7. Im7w from Shiyan accounting website | problem details & gt& gt; August 19, 2013 [question] how do Internet companies make profits through the Internet? For example, if I customize his virtual business, I need to spend my RMB to buy his virtual money, and then pay it to him. Is this a business? Do you need to pay tax [answer] according to the current business tax policy, it is within the scope of business tax to provide services and obtain business income by collecting virtual coins from customers on the Internet, and business tax should be levied according to regulations. I'll answer anonymity
8. I deeply regret that I came out to work; A year of youth is wasted< It's hard to live a part-time job; Get up early and go to bed late, sleepy and tired
as soon as the alarm goes off, turn off the heat quilt; Stretch, still want to sleep
forced by helplessness, wash quickly; In a hurry, we must sort out the necessary things
steamed bread for breakfast makes people nauseous; Less than noon, gastrointestinal meeting
I have a deep understanding of this kind of life; Rest time, aftertaste
if you want to make a phone call, it's too expensive; Working hours, dare not foul
wild geese are flying and tired of love; Where is the end of the world, exquisite jade
the lover in the dream has no chance to meet; Look up to the sky and sigh, want to cry without tears<
I'm too stupid, not bad at the society... I have no money to buy toothpaste and add grass to the vegetables,
they all say that the environment here is good, cockroaches and ants are running around,
they all say that the foreman here is handsome, with flat heads like pot lids,
every year I work hard, every day I work overtime like a monkey,
there's no reward for working overtime, and there's no reason for being scolded every day,
when I meet the boss, I bow my head, Paid and shook his head< Working life is really bad, grass can be eaten from vegetables,
flies are bathing in the soup, ants are racing on the table,
mosquitoes are biting under the table, and the salary is very low
this article is dedicated to all the villagers, brothers and sisters who are away from home
I hope you can make a lot of money in the future. Family harmony, work smoothly!!!
9. At present, the relatively large game currencies acquired by South Korea include paradise one ~ paradise two ~ arhat ~ fierce battle ~ sun ~ ro ~ and so on. Among them, Tianyi ~ tianer are the most popular, and both Tianyi and tianer can hang up and swipe money ~ it's easier to play
10. Bitcoin is an encrypted digital currency.
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