South Korean financial authority decides that NFTs are taxable By Cointelegraph
South Korea’s Financial Services Commission, or FSC, announcement Tuesday that non-fungible tokens, or NFTs, will be taxed from next year. According to The Korea Herald, this amendment to the tax law would impose a 20% tax on income from virtual assets over 2.5 million won ($ 2,102) as of January 1, 2022.
FSC Vice President Doh Kyu-sang clarified that only certain NFTs would be classified as virtual assets and therefore subject to “other income taxes”, referring to those used for large-scale investment or payment. . The tax administration is responsible for defining the entire scope of taxable NFTs.
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