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MOF to review taxing cryptocurrency
The Ministry of Finance (MOF) says it will review regulations on taxing cryptocurrency gains.
The statement comes amid surges in the digital asset's prices seen after the US presidential elections earlier this month. There have since been calls by lawmakers here in Taiwan for the government to collect taxes from individuals profiting from cryptocurrency trades.
MOF Minister Chuang Tsui-yun told legislators that because cryptocurrency is classified as a digital asset, such assets, as defined in the Income Tax Act, should not be exempt from income taxes.
The National Taxation Bureau of Taipei has said it collects business and corporate income taxes from the 26 cryptocurrency exchanges that have acquired anti-money laundering registration from the Financial Supervisory Commission. However, the office has not provided any clear details of how income taxes are being collected from investors trading on cryptocurrency platforms.
