Amid the recurrence of the cryptocurrency craze, it is necessary to pay 20% of the capital gains in tax starting next year. As Bitcoin, the leading player, continues its high pace day after day, it is expected that the backlash from investors will not be easy.
According to the Ministry of Strategy and Finance on the 22nd, the government will classify income generated from transferring or lending virtual assets as other income starting next year and tax it separately at a tax rate of 20%. The basic deduction amount is 2.5 million won. If you made a profit of 10 million won with bitcoin, you would have to subtract 2.5 million won from the profit and pay 1.5 million won, 20% of the remaining 7.5 million won, as tax. However, this is calculated excluding transaction fees, and the actual tax is charged on the net income amount (total income-necessary expenses) minus the necessary expenses such as asset acquisition value and transaction fee from the total income. In the case of currently held virtual assets, tax is not levied on the price increase before taxation is enforced.
Also, when passing virtual assets to children, you must pay inheritance and gift tax.
To this end, the government introduced an agenda acquisition price, allowing investors to pay taxes on the better side of the actual acquisition price or the market price at the end of this year. For example, if the actual acquisition price of a virtual asset held by an investor is 50 million won and the market price at the end of this year is 100 million won, it means that it will be regarded as acquiring the asset at 100 million won. Conversely, if the market price of the relevant asset is 30 million won as of the end of this year, it is taxed based on the actual acquisition price of 50 million won.
The market price at the end of this year is calculated as the average of the prices announced by the virtual asset providers announced by the Commissioner of the National Tax Service as of 0:00 on January 1 of next year. Domestic residents must report their investment income for the previous year and pay taxes in May every year.
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