On June 25, Japan's Minister of Finance, senator Fujimaki suggested that the current tax rate for crypto transactions in the country, which goes up to a maximum of 55 percent, could be swapped with a 20 percent flat tax similar to stocks or forex trades.
If the taxpayer exceeds that amount, he or she is liable to pay 20 percent tax on anything earned between £11,851 and £46,350, 40 percent on earnings of £46,351-£150,000 and 45 percent on gains above £150,000.
According to Bloomberg, such regulation prompted some crypto investors to move to countries where no capital gains tax on long-term investments in virtual money is charged, such as Singapore.
The current tax rate for crypto transactions has a maximum of 55 percent, and changing its category would bring it to the 20 percent flat tax applied to stocks or forex trades.
Currently, there's no tax framework for crypto investors in South Korea, and no information from local government agencies explicitly stating that gains from crypto trading should be reported for tax purposes at this point, although there's a 24.2 percent tax for cryptocurrency exchanges in the country.
Thus, according to the FNN, the South Korean government's crypto tax task force has proposed a "Transfer income tax that levies taxes on profits" made from crypto sales.
On May 17, the Ministry of Finance published a document stating that citizens should estimate and declare capital gains tax on cryptocurrencies "Independently" before an official regulatory framework for the crypto market is introduced.
In early April 2018, the SARS declared it will "Continue to apply normal income tax rules to crypto." Essentially, the agency anticipates South African crypto users to declare their gains or losses as part annual taxable income, including virtual currencies acquired through mining.
Switzerland Crypto's status: Not definedTaxes on gains: Wealth tax.
Crypto users are subject to a wealth tax at a rate determined by the tax authorities on December 31 of the fiscal year.
Here's What You Pay in Taxes for Using Crypto: From the US to Switzerland
gepubliceerd op Jul 6, 2018
by Cointele | gepubliceerd op Coinage
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