02.08.2018
1 451

South Korea will revise the taxation of crypto exchanges

South Korean government will revise the existing tax law, which will exclude crypto exchanges from the category of startups or small and medium enterprises (SMEs) that can claim a tax cut of up to 100 percent, reports CoinDesk Korea.

The revised tax legislation will be submitted to the National Assembly. If it is adopted, it will enter into force next year.

Today, the exchanges pay a corporate tax of up to 22%, local media reports. However, considering that the exchanges have earned huge amounts of money, it is expected that the amount of release will be larger.

Thus, Korean exchange Bitsum, whose net profit in 2017 was more than 250B won (about $223M), should pay 54.4B won (about $48.6M) of corporate tax. The exchange saved 27.2B won (about $ 24.3M) thanks  to tax benefits.

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