Category Taxation In Asia

Korea Clamping Down on Cryptocurrency

December 14, 2017 Taxation in South Korea

litecoinSEOUL – Korea’s booming cryptocurrency market may come to a halt due to the government’s planned restrictions.

The government of South Korea has announced that it will take active measure to help quell dangerous speculation and abuse of cryptocurrencies.

Over the last week the international prices for cryptocurrencies have seen wild swings, which have been magnified in South Korea due to the popularity of such technology in the country.

During the course of a few weeks, the price of Bitcoin, the most popular coin in South Korea, has swung from KRW 14 million to KRW 25 million per coin.

The government has now announced that it will restrict access to cryptocurrencies and cryptocurrency based accounts in Korea, specifically banning minors and non-residents from accessing coins in South Kor...

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Seoul Wants Income Tax on Bitcoin

December 7, 2017 Taxation in South Korea

cryptocurrencySEOUL – Korean taxpayers love cryptocurrencies, and the government is hoping to cash in with an income tax on digital coins.

During the National Tax Administration Forum in Korea earlier this week, Kim Byung-il, a professor of the economics and taxation department at Kangnam University, called on the government to create a comprehensive framework for the taxation of cryptocurrencies.

Korea is currently one of the hotbeds of cryptocurrencies, with many coins trading at a significant premium on local exchanges.

The government was called on to thoroughly research and implement a tax on incomes garnered by Korean taxpayers on the sale of cryptocurrencies.

Systems would also need to be implemented to ensure that taxpayers are not able to avoid their income tax obligations by obfuscating the...

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Japan Eyes Tax Reward for Wage Hikes

December 4, 2017 Taxation in Japan

japanese-yen-notes-757cfTOKYO – Wage hikes and robots could soon help Japanese companies slash their tax obligations.

The government of Japan is evaluating potential new tax break which could see the business tax burden reduced by nearly a third.

Japan has spent the last several years taking steps to reduce the level of corporate income tax faced by businesses, which is expected to fall to as little as 29.74 percent in the business year starting April 2018.

However, the government is now looking at reducing the rate to as low as 20 percent.

The reduction will come in the form of deductions made available to businesses which actively invest in human resources, such as wage hikes and training programs.

Some deductions will also be available to businesses which invest in technologies to increase output and produ...

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UAE Opens Tax Agent Registration

November 27, 2017 Taxation in UAE

VATABU DHABI – UAE’s VAT registrations are speeding up, with tax agents now being able to be officially registered.

Over the weekend the Federal Tax Authority of the United Arab Emirates opened up the process of registration for tax agents in the country.

The UAE will enact a Value Added Tax on the first day of 2018.

As the profession of tax agent is new in the UAE, the standards for registering as a tax agent has not been set in stone, and, currently, the only requirement is a Bachelor- or Master-level degree in tax, accounting or law from a “recognized educational institute”.

The VAT implementation process in the UAW has been progressing rapidly, as only weeks ago the registrations for businesses were opened up.

The FTA has stated that businesses must register for VAT by December 3rd, ...

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Japan Exit Tax Will Pay for Safety System

November 21, 2017 Taxation in Japan

First Class Check-in Counter at NRT Narita Airport - Japan AirlinesTOKYO – Japan could soon have a system to keep tabs on all Japanese tourists around the world, paid for by all the international and local tourists leaving the country.

The Japan Tourism Agency is looking at using the revenues raised from a proposed exit tax to fund the development of a system to check on the safety of Japanese tourists travelling abroad.

Currently, the government of Japan is looking at implementing an exit tax of JPY 1 000 per person leaving eh country on a plane or ship, with the charge to be added to the fare paid for the travel.

The Agency hopes to use the funds to create a system which will centrally manage the records and information about Japanese travellers who are overseas.

The new system will allow the government to easily collect information on the status and...

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