Legislator Lai Shih-Pao of the Kuomintang today questioned the Ministry of Finance in the Legislative Yuan about whether it is taxing cryptocurrencies. Finance Minister Chuang Tsui-Yun stated that income tax should be levied on profits related to cryptocurrencies, and the Ministry of Finance will research the audit matters and promised to propose a taxation method within three months.
Director Wu Lien-Ying of the Taipei National Taxation Bureau, in response to Legislator Lai Shih-Pao's inquiry, stated that 26 virtual currency platform operators have completed the compliance declaration for anti-money laundering regulations, all of which have registered for tax purposes and have paid business tax and income tax.
Regarding the taxation of corporations or individuals, Lai Shih-Pao pointed out that the Ministry of Digital Development has defined cryptocurrency as an asset, and therefore profits from cryptocurrency trading are subject to income tax. He inquired whether the Ministry of Finance has already conducted taxation in this regard. Director of the Taxation Agency, Song Hsiu-Ling, stated that citizens need to report their income tax related to cryptocurrency profits themselves, and the tax authorities will strengthen audits. The director also mentioned that the Ministry of Finance has verified the situation of digital goods transactions through other data sources.
Legislator Lai Shih-Pao continued to inquire whether the Ministry of Finance could propose a taxation method for profits from cryptocurrency trading within three months. Director Song Hsiu-Ling promised to conduct research.
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