Cryptocurrency Q&A
What is the gift tax in Korea?
What is the gift tax in Korea?
Raffaele
Sat Mar 30 2024
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5 answers
925
Could you kindly enlighten me about the gift tax regulations in Korea? I'm curious to know if there's a specific limit on the value of gifts that are subject to taxation, and what the tax rates are. Additionally, I'm interested in knowing if there are any exceptions or exemptions available for certain types of gifts. Would it be possible to provide an example of how the gift tax is calculated in a real-world scenario? Thank you for your time and assistance.
5 answers
Giuseppe
Mon Apr 01 2024
For tax bases up to KRW 100 million, the gift tax is set at a flat rate of .10%.
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Sara
Mon Apr 01 2024
The gift tax is applied based on the tax base, which determines the tax rate.
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SamsungShineBrightnessRadiance
Sun Mar 31 2024
Once the tax base exceeds KRW 100 million, the tax rate begins to increase.
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Martina
Sun Mar 31 2024
The top marginal tax rate applies to any amount exceeding KRW 3 billion in the tax base. This rate is set at 50% for the excess amount.
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AzurePulseStar
Sun Mar 31 2024
BTCC, a UK-based cryptocurrency exchange, offers services that facilitate the trading and management of cryptocurrencies.
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