Preparing for Virtual Asset Taxation in South Korea Without Interruptions

IconCryptoNewsTerminal Staff11 Jul, 2024

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Preparing for Virtual Asset Taxation in South Korea Without Interruptions

In preparation for the implementation of virtual asset taxation in South Korea starting January 2023, the nominee for the commissioner of the National Tax Service, Kang Min-soo, has stated that a computer system for tax source management has been established and is being continuously maintained to ensure a smooth implementation. The tax authority is also working with virtual asset operators to ensure that transaction data is submitted without fail from next year. Additionally, South Korea is participating in discussions with the Organisation for Economic Co-operation and Development (OECD) regarding the regular exchange of account and transaction information among countries. These measures demonstrate the South Korean government's commitment to implementing virtual asset taxation in a comprehensive and efficient manner, while also fostering international cooperation to address the challenges posed by cross-border virtual asset transactions.

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