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Bithumb estimated to pay W60b income tax

PUBLISHED : January 22, 2018 - 14:36

UPDATED : January 22, 2018 - 14:36

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[THE INVESTOR] Local cryptocurrency exchanges, including Bithumb, Upbit and Coinone, will have to pay up to 24.2 percent taxes to the government this year, according to news reports on Jan. 22. 

Under current corporate laws, Bithumb -- the largest Korean crypto exchange -- will have to pay 60 billion won, according to Eugene Investment which, based its calculations on the exchange’s estimated earnings that reached 317.6 billion won last year. 




The Ministry of Strategy and Finance on Jan. 22 said the exchanges that earned more than 20 billion won (US$18.80 million) in taxable income are required to pay 22 percent and 2.2 percent of corporate and local income taxes, respectively. The payment is due by end-March for corporate taxes, and the end of April for local taxes. 

Starting next year, the exchanges will be required to pay more under revised tax plans. The taxation rate for corporates whose taxable income exceeds 300 billion won was raised to the maximum 25 percent from 22 percent. 

The government is also mulling measures to impose capital gains taxes on cryptocurrency investments.

By Ahn Sung-mi (sahn@heraldcorp.com)

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