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[LutherKing]

20% Levy Taxes On Annual Yield Of $2.1k Above Will Now Be Applicable On All Applicants When It Comes To Talk About The Nft Creator In The South Korea

All The Registered Platforms Will Be Required To Collect This Tax And Pay Their Behalf Of The Users

Thanks :-)

 

[BullyMaguire]

I think that's what every government will do or want. They will find a way to monetize Cryptocurrency although it sucks for the people i think it's better than banning crypto

 

[Wisdom01]

They are actually looking for means to gain more Revenue,but I hope this introduction won't discourage some investors that loves investing in cryptocurrency

 

[Niftyicon]

20% seems okay for that targeted amount and above. No one can blame any government for wanting to gain more revenue through Cryptocurrencies taxation since that translates to more infrastructure and much needed amenities for the people.

 

[Wisdom01]

20% seems okay for that targeted amount and above. No one can blame any government for wanting to gain more revenue through Cryptocurrencies taxation since that translates to more infrastructure and much needed amenities for the people.

The most important thing should be that the taxation is actually used judiciously and not embezzled , because we have seen how many government manipulates things and steal taxes from citizens ,which is really a bad development for me ,so we need to be know the type of government before concluding too tho

 

[microunit]

20% tax is quite alot , though i can see why governments will try to monetize cryptocurrencies as earning profits from them are extremely high now but i think 20% os still alot and they should probably lower it else some cryptocurrency businesses or individuals might go out of south korea and move to a more favorable country

 

[Brain]

I have never really being against the Imposition of taxes by the government by either the crypto or fiat currency because it one way by which the government can get revenue for running the seat of governance. but my problem is always on giving high rate. Like this one 20% seems a lot to me. it should be reduced to at least 5% and that's it.

 

[Niftyicon]

The most important thing should be that the taxation is actually used judiciously and not embezzled , because we have seen how many government manipulates things and steal taxes from citizens ,which is really a bad development for me ,so we need to be know the type of government before concluding too tho

That is just the issue with some governments but I am hoping South Korea is different. Paying taxes would be hassle free when you can see what those funds are used for and not just some politicians feeding fat on the people's hard earned money and still denying them the basic facilities to meet their needs.

 

[Balint098]

I mean, even if the people are against it, it's just natural. In the modern era, nearly everything is taxed. Too bad, South Korea taxes are on the high side. But then, considering how advanced their economy is, it's no longer surprising. I just hope other countries would not impose such a high tax to crypto trading and other crypto earning as South Korea.

 

[Wisdom01]

I have never really being against the Imposition of taxes by the government by either the crypto or fiat currency because it one way by which the government can get revenue for running the seat of governance. but my problem is always on giving high rate. Like this one 20% seems a lot to me. it should be reduced to at least 5% and that's it.

Charging 5% is still a good rate ,and I think taxes should be based on the ability for you to pay , because that's one of the most important thing when taxing ,once it's too much that particular thing people are doing would discourage them , because their profit would be wiped away by the amount they are earning from that business ,so the government should really do look into such king of thing

 

[Brain]

Charging 5% is still a good rate ,and I think taxes should be based on the ability for you to pay , because that's one of the most important thing when taxing ,once it's too much that particular thing people are doing would discourage them , because their profit would be wiped away by the amount they are earning from that business ,so the government should really do look into such king of thing

Exactly, nobody will like to run at a loss via any investment so the better the tax rate the more they will want to want to indulge so I hope the government will understand this and give less tax rate to encourage others that want to invest to do so if we really believe that the future is Bitcoin or crypto

 

[Wisdom01]

Exactly, nobody will like to run at a loss via any investment so the better the tax rate the more they will want to want to indulge so I hope the government will understand this and give less tax rate to encourage others that want to invest to do so if we really believe that the future is Bitcoin or crypto

They should actually invest more time in letting people know about crypto currency ,so instead of taxing too much to chase people out of crypto currency ,i think this is one of the way they tax exchange Platform to the extent they leave the country due to the maximum frustration when it comes to taxation and others I think ,so thet should do more encouragement instead

 

[Mariappa45]

They shouldn't have a static tax levy for the cryptocurrency traders. Because the small investors wouldn't trade and use their profit from investing into cryptocurrency to make up the tax payment, never. That's why it should be some percentage base on what you're earning in the country's exchange platforms.

 

[Wisdom01]

They shouldn't have a static tax levy for the cryptocurrency traders. Because the small investors wouldn't trade and use their profit from investing into cryptocurrency to make up the tax payment, never. That's why it should be some percentage base on what you're earning in the country's exchange platforms.

Very true , because if it's looked in a different direction ,the investors also make loss ,and when the investors looks at the combination and others ,they would actually see that almost every thing could amount too loss , because the profit would be so low and at a reduced rates ,that's the problem I think

 

[Mariappa45]

Very true , because if it's looked in a different direction ,the investors also make loss ,and when the investors looks at the combination and others ,they would actually see that almost every thing could amount too loss , because the profit would be so low and at a reduced rates ,that's the problem I think

Yeah, you can't simply work your ass out to use large part of your profit to make up the tax, never. I am not in such business, thanks to the other house in the government chamber who came to the rescue and made the new rule futile until 2023. Because lots of traders wouldn't have liked it due to the risks involved in crypto assets.

 

[Wisdom01]

Yeah, you can't simply work your ass out to use large part of your profit to make up the tax, never. I am not in such business, thanks to the other house in the government chamber who came to the rescue and made the new rule futile until 2023. Because lots of traders wouldn't have liked it due to the risks involved in crypto assets.

That's the thing ,I never knew there was other house chamber that actually came through for such thing , because people would get discouraged on crypto currency investment when tax is applied , because they actually don't want to make loss ,so the government should create well made rules that would guide the development of cryptocurrency and not introducing heavy taxation

 

[Mariappa45]

That's the thing ,I never knew there was other house chamber that actually came through for such thing , because people would get discouraged on crypto currency investment when tax is applied , because they actually don't want to make loss ,so the government should create well made rules that would guide the development of cryptocurrency and not introducing heavy taxation

Tax shouldn't be applied to cryptocurrency, because their are many ways the government can even earn via cryptocurrency. They can become a whale investors, and also start mining rig, give out crypto loans, charge the exchange sites and wallets operating in the country some amount of money for operation not much. But going on to charge such tax from individuals is wrong because they undergo series of losses before earning.

 

[Wisdom01]

Tax shouldn't be applied to cryptocurrency, because their are many ways the government can even earn via cryptocurrency. They can become a whale investors, and also start mining rig, give out crypto loans, charge the exchange sites and wallets operating in the country some amount of money for operation not much. But going on to charge such tax from individuals is wrong because they undergo series of losses before earning.

The thing is that if they charge the exchange platform ,they might just pass the burden on the investors ,I feel like the investors are the ones that would still bear the greater burden of the investment ,so they shouldn't place so much amount of burden on exchange platform to increase the amount of tax ,that would be paid

 

[Mariappa45]

The thing is that if they charge the exchange platform ,they might just pass the burden on the investors ,I feel like the investors are the ones that would still bear the greater burden of the investment ,so they shouldn't place so much amount of burden on exchange platform to increase the amount of tax ,that would be paid

Then, their is no point charging anyone tax, since it will still come back to hunt we traders paying for tax in order to keep trading, which isn't all that looking nice, because traders simply wants to earn more, and not using their gradual building up earnings to services for tax payment.

 

[AudraMiller]

20% Levy Taxes On Annual Yield Of $2.1k Above Will Now Be Applicable On All Applicants When It Comes To Talk About The Nft Creator In The South Korea

All The Registered Platforms Will Be Required To Collect This Tax And Pay Their Behalf Of The Users

Thanks :-)

I think that the tax rate that they are looking to implement is quite high considering the fact that many people are not making as much out of cryptocurrency as they would expect especially if you are on the smaller side of investing however I think that the taxation is necessary in order to regulate cryptocurrency and adopt it into the financial infrastructure.