South Korea will impose Taxes on Crypto Gifts, Donations, and Inheritance from March

Despite suspending the virtual assets tax law till 2023, the Republic of South Korea has plans to introduce levies on crypto gifts, donations, and Inheritances from March this year. According to local news media, KBS, the National Tax Service (South Korean tax regulator) will appraise the value of all crypto assets gotten through these aforementioned means and tax the average amount monthly, before and after the inheritance begins or when the donation was made.

RELATED: Crypto Exchanges in South Korea reduce trading list to adapt to gov’t regulations

National Tax Service is looking to scoop the crypto data value from four virtual assets providers (Dunamu, Bithumb, Korbit, and Coinone). The levy regulator will also assess virtual assets on other crypto exchanges using the standard market price or “a value that is reasonably recognized” by the business operator.

This recognized value includes the daily average price of virtual assets which will be provided by the National Tax Service on its online portal beginning from March 2022.

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