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Donated or Inherited Virtual Assets To Be Taxed By South Korea’s NTS – Taxes – Crypto News

From 2022, donated or inherited virtual assets will be assessed and taxed accordingly, the South Korean National Tax Service said. Dunamu, Bithumb Korea, Korbit and Coinone are the new Virtual Asset Service Providers (VASPs) tasked with valuing digital assets for such tax purposes.

Virtual Asset Service Providers charged with evaluating crypto gifts

South Korea’s National Tax Service (NTS) recently announced that it would tax inherited or donated digital assets from 2022, a report said. It added that such digital assets are taxed at the average amount for each month before and after the date of inheritance or the date of donation.

In a KBS report To explain the upcoming changes, the tax office has also announced the Virtual Asset Service Providers (VASPs) who are tasked with valuing the property that has been inherited or donated. According to the report, these VASPs include Dunamu, Bithumb Korea, Korbit, and Coinone.

Finding the daily average price

Meanwhile, the NTS is quoted in the report explaining how the process of valuation of gifted or inherited virtual assets is carried out.

We plan to value virtual assets that are traded on other stock exchanges at a reasonably recognized value, such as the average price announced by the entrepreneur on the trading day or the market price announced at the time of closing.

Regarding the taxpayers who calculate the average monthly price, the report states that an average daily price of the virtual asset query service tool is provided “at Hometax” [NTS site] from March next year. “

What do you think of Korea’s National Tax Service’s decision to tax inherited digital assets? Let us know what you think in the comments below.

Terence Zimwara

Terence Zimwara is an award-winning journalist, writer, and writer based in Zimbabwe. He has written extensively on the economic problems of some African countries and how digital currencies can provide an escape route for Africans.

Photo credits: Shutterstock, Pixabay, Wiki Commons

Source: Crypto News Austria

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