According to local media sources, cryptocurrency assets confiscated from alleged tax evaders in South Korea in 2021 and 2022 totaled close to 260 billion Korean won (US$184.3 million). Nearly 12.5 billion won, or $8.87 million USD, worth of cryptocurrency was the most ever taken from a single noncompliant taxpayer. The person apparently held 20 cryptocurrencies,
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According to a report released on Thursday, the South Korean National Assembly Research Service (NARS) asserted that a 20% tax on cryptocurrency gains set for 2023 must maintain a 2.5 million won (US$1,942.20) threshold, contradicting new President Yoon Suk-initiative yeol’s to raise the limit to 50 million won. According to the NARS Current Issues and
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Just ten days after the tax rule went into effect, new data on the trading volume of Indian crypto exchanges shows a dramatic drop in trading behavior among Indians. Despite several stakeholders and exchange operators warning about the negative consequences, India’s new 30% crypto tax legislation went into effect on April 1. According to a
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The Indonesian Ministry of Finance’s Directorate General of Taxes has established a 0.1 percent income tax (PPh) on capital gains from crypto investments and a 0.1 percent value-added tax (VAT) on crypto purchases. Hestu Yoga Saksama, the Ministry of Finance’s director of tax regulations, told CNN Indonesia on Friday: “That’s right, 0.1% PPh and 0.1%
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A member of Parliament, Sushil Kumar Modi, has encouraged India’s finance minister, Nirmala Sitharaman. Also, to consider boosting the capital gains tax on cryptocurrency income to more than 30%. That’s, rather than the flat rate that will take effect on April 1. The minister claimed that cryptocurrency’s compound annual growth rate (CAGR) is so high
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In a move that could have a negative influence on crypto adoption in India, the government said that its pending tax law for virtual digital assets will not allow profits on one coin to be offset by losses on another. Instead of allowing investors can use earnings from one token to offset losses from another,
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