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Donated or inherited crypto will be taxed by the South Korean government starting 2022

Inherited or gifted digital assets will be taxed based on the average price of the crypto the month before and after the date of the donation or the date of the commencement of inheritance.

Photo of cryptostock from Pixabay

Fri, 31 Dec 2021, 15:05 pm UTC

While the implementation of South Korea’s crypto tax has been postponed for another year, digital asset owners will now have another tax to think about in the coming year. The government plans to impose taxes on inherited or donated crypto starting 2022.

In an announcement, South Korea’s National Tax Service (NTS) will tax donated or inherited digital assets will be taxed starting 2022, according to Bitcoin.com. The agency added that digital assets

According to a report by KBS News, inherited or gifted digital assets will be taxed based on the average price of the crypto the month before and after the date of the donation or the date of the commencement of inheritance. The NTS will task virtual asset providers such as Dunamu, Bithumb Korea, Korbit, and Coinone to evaluate the crypto being inherited or donated for tax purposes.

“We plan to evaluate virtual assets traded on other exchanges at a value that is reasonably recognized, such as the daily average price of the trading day announced by the business operator or the market price announced at closing,” the NTS explained how the evaluation process of donated or inherited crypto is done.

Starting in March 2022, the National Tax Service will provide an average daily price of virtual assets inquiry services too on its online portal. This tool will be used as a guide for taxpayers in calculating the average monthly price of the donated or inherited crypto.

Meanwhile, the implementation of the taxation scheme on crypto income that will impose a 20 percent tax on gains over 2.5 million won (around US$2,122) in a one-year period has been postponed. It was originally intended to take effect starting 2021 but lawmakers from both the opposition and ruling parties opted to delay its implementation likely due to the presidential election in March, according to Coindesk.

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