Income taxation policy for individual cryptocurrency trading income, such as Bitcoin, which is currently exempt from taxation, will be prepared by July.
In addition, a comprehensive reorganization plan for the financial tax system, including mediation plan for stock transfer tax and securities transaction tax, will be established by the first half of this year. Also, the Ministry of Economy and Finance (MOEF) will actively participate in discussion on the introduction of OECD digital tax and engage in activities to secure authority of taxation.
▲ Kim Yong-beom, Vice Minister of Economy and Finance, has an opening statement related to the new year government performance report at the Seoul Government Complex in Gwanghwamun.
The Ministry of Economy and Finance, in collaboration with the Ministry of Trade, Industry and Energy, the Ministry of SMEs and Startups, and Financial Services Commission, had a 2020 government performance report on the subject of innovative growth under the title of ‘Improving Economy and New Future’ at the Yeongbin-gwan (the State Guest House) in the Blue House.
MOEF’s work plan for this year included ‘Advancement of taxation system.’ First of all, MOEF decided to prepare a taxation policy for income tax on cryptocurrency trading income of individual such as Bitcoin by July.
In order to develop the capital market, comprehensive reorganization plan for the financial tax system, including mediation plan for stock transfer tax and securities transaction tax, is also planned in the first half of this year. MOEF is expected to review profit and loss of financial investment instruments, deduction carried out and fund taxation system.
MOEF decided to actively participate in the discussion on the introduction of OECD digital tax in order to provide reasonable allocation of authority of taxation to digital companies and to prevent avoidance of tax.
Currently, the OECD is pushing for multilateral agreements on solutions by end of this year. The OECD is discussing them in two pillar approaches.
The first one is to allocate authority of taxation to the countries where markets are located for some of global profits of multinational companies over a certain size. The second one is to tax the income above a certain level to prevent digital companies’ base erosion and profit shifting (BEPS).
The MOEF plans to actively take part in the OECD discussion and focus on securing our authority of taxation through solidarity with countries with similar stances.
Oh Sang-min(2020.02.16) 가상통화 소득세 과세방안 7월까지 마련된다
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