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The Income Tax department has clarified that due to a data reporting error by a yet-unnamed entity, taxpayers have received notices for paying higher advance tax for financial year 2023-24. The I-T department has now asked such taxpayers to wait for updated data.
Efforts to enhance clarity in the Korean virtual asset market are emerging, as both the government and the National Assembly have actively announced their plans to intensify crypto monitoring.
It has been well settled under tax laws that even if investments are held in joint names along with a spouse, the investment and the income therefrom would be regarded as belonging to the first named holder.
The Cryptocurrency Bill is expected to be addressed in this year’s Budget and the industry is hoping for regulatory clarity.
South Korea aims to use one of its existing laws to tax incomes earned from buying or selling these valuable non-fungible tokens.