08-22-2022, 09:59 PM
South Korean Government Announced to impose a 10-50% Gift Tax on Airdrops and Other
<!-- SC_OFF --><div class="md"><p>The South Korean Ministry of Strategy and Finance on 22nd August, responded to a tax law interpretation inquiry on whether a transaction in which a virtual asset issuer provides a virtual asset of the same or a different kind to a member who owns a specific virtual asset is a transaction subject to the gift tax. </p> <p><em>The free transfer of assets is a 'gift' under the Inheritance and Gift Tax Act."</em> </p> <p><em>“In this case, a gift tax will be levied on the third party to whom the virtual asset is transferred free of charge,”</em> he said. </p> <p>According to the tax authorities, taxation on capital gains from virtual assets will begin in 2025, as announced earlier. But "Gift" tax will be implemented from the current FY.</p> <p>This is because gift tax is comprehensively levied on all objects of economic value that can be converted into money</p> <p>A person obligated to pay gift tax must file a gift tax return within 3 months from the end of the month in which the gift date belongs, and the tax is levied at a rate of 10-50%(depending upon a case-by-case basis).</p> <p>CC: <a href="https://www.yna.co.kr/view/AKR20220821042000002?input=1195m">Yonhap News</a> (In Korean)</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/SurenRongyao"> /u/SurenRongyao </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/wuicdf/south_korean_government_announced_to_impose_a/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/wuicdf/south_korean_government_announced_to_impose_a/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>The South Korean Ministry of Strategy and Finance on 22nd August, responded to a tax law interpretation inquiry on whether a transaction in which a virtual asset issuer provides a virtual asset of the same or a different kind to a member who owns a specific virtual asset is a transaction subject to the gift tax. </p> <p><em>The free transfer of assets is a 'gift' under the Inheritance and Gift Tax Act."</em> </p> <p><em>“In this case, a gift tax will be levied on the third party to whom the virtual asset is transferred free of charge,”</em> he said. </p> <p>According to the tax authorities, taxation on capital gains from virtual assets will begin in 2025, as announced earlier. But "Gift" tax will be implemented from the current FY.</p> <p>This is because gift tax is comprehensively levied on all objects of economic value that can be converted into money</p> <p>A person obligated to pay gift tax must file a gift tax return within 3 months from the end of the month in which the gift date belongs, and the tax is levied at a rate of 10-50%(depending upon a case-by-case basis).</p> <p>CC: <a href="https://www.yna.co.kr/view/AKR20220821042000002?input=1195m">Yonhap News</a> (In Korean)</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/SurenRongyao"> /u/SurenRongyao </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/wuicdf/south_korean_government_announced_to_impose_a/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/wuicdf/south_korean_government_announced_to_impose_a/">[comments]</a></span>