South Korea's National Tax Service (NTS) has announced the development of a system to track cryptocurrency investment gains, aligning with the government's fiscal policy expansion. The initiative precedes the planned taxation on virtual asset profits starting January next year. The NTS has issued a tender for the "Comprehensive System for Virtual Asset Transaction Analysis," with a budget of 3 billion Korean won ($2.02 million). The system is set to begin design in April, with a trial launch in November and full implementation by year-end. The system will collect individual virtual asset transaction data starting in 2027, aiming to detect tax evasion and identify hidden income through audits. It will incorporate AI and machine learning to analyze unusual transaction patterns. Data and suspect lists will be shared with agencies like the Korea Customs Service and the Bank of Korea. From January, gains over 25 million KRW annually will incur a 22% tax rate.
South Korea's NTS Develops Crypto Tracking System for 2027 Taxation
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