On July 10th, the Korean National Tax Service clearly stated that virtual assets obtained as labor income from overseas companies by residents must also be declared for comprehensive income tax. The policy requires that if Korean residents receive virtual assets as compensation from foreign companies under separate incentive contracts, and the source is not withheld through a tax bundle, comprehensive income tax must be declared.
This case involves Singapore's B Company issuing virtual assets as compensation to employees of its Korean subsidiary C Company. Employees directly signed incentive contracts with Singapore's B Company, working in blockchain and virtual asset exchange-related fields, and received compensation in the form of virtual assets. This change marks that multiple countries globally are strengthening tax supervision of virtual assets, especially cross-border income and digital currency income sources.
In response to this trend, BiyaPay provides efficient digital currency management services to help users more easily cope with global tax policy changes.
Advantages of BiyaPay's features:
1. Multi-fiat currency exchange: Supports USDT recharge and exchange for over 30 fiat currencies including US dollars, euros, Hong Kong dollars, and Singapore dollars, and provides zero-freeze card withdrawal services, ensuring fast and secure remittances.
2. Convenient cryptocurrency exchange: Supports exchange of over 200 cryptocurrencies including BTC and Ethereum, with zero transaction fees for spot and contract orders, significantly reducing trading costs.
3. Seamless US and Hong Kong stock trading: Users can trade US and Hong Kong stocks using USDT without applying for offshore accounts, easily participating in global stock trading and capturing investment opportunities in real-time.
BiyaPay helps global users smoothly conduct cross-border remittances, cryptocurrency trading, and global investments amid changing tax environments. We will continue to provide innovative, secure, and efficient financial services for our users.
