SEOUL, May 3 (Korea Bizwire) — More than half of South Koreans support taxing capital gains from the trading of cryptocurrencies, a poll showed Monday. The government plans to impose taxes on gains from investment in virtual assets starting next year. A poll by Realmeter showed 53.7 percent of respondents back the plan while 38.3 [...]
SEOUL, April 23 (Korea Bizwire) — The Seoul metropolitan government said Friday it has seized the cryptocurrencies of hundreds of top tax delinquents who hid their assets in digital form, becoming the country’s first local government to do so. The city government said its tax collection department found the cryptocurrencies of 1,566 individuals and heads [...]
SEOUL, Oct. 24 (Korea Bizwire) — South Korea’s tax agency said Saturday it will consider imposing taxes on Google Inc.’s planned enforcement of a 30 percent commission on in-app purchases of digital content from its Play Store next year. In a written answer submitted to Rep. Kim Soo-hong of the ruling Democratic Party, the National [...]
SEJONG, Oct. 16 (Korea Bizwire) — South Korea’s customs agency said Thursday that tax-exempt nicotine solutions accounted for the largest share of last year’s overseas direct purchases of nicotine solutions. The number of overseas direct purchase cases for nicotine solution extracted from tobacco roots or stems and synthetic nicotine solution, both of which are exempt [...]
SEOUL, Sept. 16 (Korea Bizwire) — Automobiles worth more than 100 million won (US$84,745) are registered under corporate names more than private individuals, recent data has revealed. The Ministry of Land, Infrastructure and Transport reported that 51 percent of high-end cars that cost between 100-400 million won were registered as corporate assets as of May, [...]
SEJONG, June 25 (Korea Bizwire) – South Korea said Thursday it plans to revise a law to expand capital gains taxes to all stock investors beginning in 2023, while lowering a stock transaction tax. Under the plan, all investors who hold listed stocks will be subject to a tax rate of 20 percent. If they hold [...]
SEOUL, May 14 (Korea Bizwire) — A multilateral convention will take effect in South Korea in September to keep multinational corporations (MNCs) from capitalizing on loopholes for tax avoidance, officials said Thursday. Seoul deposited its instrument of ratification for the convention in the Organization for Economic Cooperation and Development (OECD) the previous day in the [...]
SEJONG, Jan. 20 (Korea Bizwire) — South Korea’s finance ministry has been considering imposing a 20 percent tax on income from cryptocurrency transactions, officials said Monday. The Ministry of Economy and Finance has recently ordered its office of income tax to review a taxation plan for cryptocurrencies, according to officials. Previously, the ministry’s office of [...]
SEOUL, Jan. 17 (Korea Bizwire) — South Koreans are debating over a comprehensive animal protection plan recently announced by the government after it was decided that households with pets will be subject to additional taxation. The Ministry of Agriculture, Food, and Rural Affairs announced the plan on Tuesday, confirming that it will look into plans [...]
SEOUL, Jan. 6 (Korea Bizwire) — Starting in the new year, the standard for levying liquor taxes on beer and raw rice wine has changed from a price-based “ad valorem” duty to forwarding volume-based “specific commercial duty” for the first time in 52 years. In a related move, the National Tax Service (NTS) said Sunday [...]