South Korea’s Financial Services Commission, or FSC, introduced Tuesday that nonfungible tokens, or NFTs, can be taxed beginning subsequent yr. According to The Korea Herald, this tax legislation modification would impose a 20% tax on earnings from digital belongings that exceed 2.5 million received ($2,102) as of Jan. 1, 2022.
The FSC’s vice chairman Doh Kyu-sang specified that just some NFTs can be categorized as digital belongings and due to this fact topic to “other income” taxes, referring to these used for funding or cost on a big scale. Tax authorities are accountable for defining the total scope of taxable NFTs.
Fusion Media or anybody concerned with Fusion Media is not going to settle for any legal responsibility for loss or harm on account of reliance on the knowledge together with knowledge, quotes, charts and purchase/promote alerts contained inside this web site. Please be absolutely knowledgeable relating to the dangers and prices related to buying and selling the financial markets, it is likely one of the riskiest funding varieties doable.
