Donated or inherited virtual assets that are to be taxed by South Korea's NTS - taxes

From 2022, donated or inherited virtual assets will be assessed and taxed accordingly, the South Korean National Tax Service said. Dunamu, Bithumb Korea, Korbit and Coinone are the new virtual asset service providers (vasps), which are commissioned to assess digital assets for such tax purposes.

virtual asset service provider commissioned to evaluate crypto gifts

South Korea's National Tax Service (NTS) recently announced that inherited or donated digital assets will be taxed from 2022, according to a report. It added that such digital assets are taxed for each month before and after the date of the inheritance start or the date of gift.

in a KBS test report The tax office also announced the virtual asset service provider (vasps) inherited or donated property are commissioned. According to the report, these vasps Dunamu, Bithumb Korea, Korbit and Coinone.

determine the daily average price

In the meantime, the NTS is cited in the report, which explains how the process of evaluating talented or inherited virtual assets is carried out.

We plan to evaluate virtual assets that are traded on other stock exchanges to an adequately recognized value, such as the daily average course of the trading day or the market price announced at the end of the trade.

In terms of taxpayers who calculate the average monthly price, the report says that an average daily price of the querying service tool for virtual assets "at HomeTax" will be provided [nts site] from March next year. "

What do you think of the decision of the Korean National Tax Service to tax inherited digital assets? Tell us your opinion in the comments below.

Terence Zimwara

Terence Zimwara is an award -winning journalist, author and author in Zimbabwe. He wrote in detail about the economic problems of some African countries and how digital currencies Africans can offer an escape route.

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