Taxation in South Korea

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It’s getting harder for global companies like Amazon, Apple and Google to avoid paying tax around the world as more countries move to change their permissive corporate tax laws. Now, according to a report in the Korea Times, the South Korean government is looking at ways to collect taxes from foreign companies in the wake […]

Tax revenue in South Korea rose last year on brisk corporate earnings and higher property price that led to an increased collection of corporate income tax and capital gains tax, tax service data showed on Thursday.

The South Korean government has announced a plan to revise the current tax rules to widen benefits for companies that focus on the development of nascent technologies, including blockchain, as part of the country’s push for innovation growth.

Taxation has been a hot topic in the cryptocurrency world this year. Governments want their piece of the pie and traders are anxious to know how badly their tax collectors plan to gouge them.

South Korea’s ministry of strategy and finance is reportedly planning to announce a cryptocurrency taxation framework by June’s end this year. The government is expected to begin taxation in 2019.

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