Tag Archives: Taxation

The Australian Taxation Office (ATO) is currently working on contacting hundreds of thousands of cryptocurrency investors in the country, reminding them about their tax obligations for trading digital currencies like Bitcoin over the last few years, Australia’s leading media reported Wednesday. Cryptocurrencies Are Digital PropertiesAccording to news.com.au, the tax regulator is in the process of contacting as many as 350,000 crypto traders over the next two months, either via email or post...

South Korea might be changing its stance regarding taxing cryptocurrency trading profits. Just weeks after the government said that they wouldn’t tax any profits made from digital assets, a new report indicates otherwise. The country could purportedly classify crypto gains in the same category as lottery winnings and thus tax them with 20%.South Korea To Tax Crypto Profits?At the start of 2020, the Ministry of Finance and Strategy said that the current tax law does not consider cryptocurrency...

The largest cryptocurrency exchange in South Korea, Bithumb, has filed a complaint with the Tax Tribunal against the National Tax Service (NTS). The company wants the Tribunal to nullify a tax for nearly $70 million, which was previously imposed by the NTS on its customers.Bithumb Fires BackAt the end of 2019, NTS imposed $69.3 million of withholding tax on the exchange’s foreign customers, according to a report. At the time, this was the first confirmed case where the Korean government has...