Cryptocurrency Q&A
What is Class B income in Korea?
What is Class B income in Korea?
Enrico
Sat Mar 30 2024
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5 answers
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Excuse me, I'm somewhat confused about the tax system in Korea. Could you please elaborate on what is meant by 'Class B income' in this context? I understand that different countries have their own unique tax classifications, but I'm particularly interested in how this classification applies to individuals or entities earning income in Korea. Could you also explain how it differs from other types of income, such as Class A or other classes? Thank you for your time and assistance.
5 answers
Sara
Mon Apr 01 2024
Class A income refers to employment income received within South Korea. This category includes salaries, bonuses, and other compensation earned from domestic employment sources.
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GyeongjuGloryDaysFestival
Mon Apr 01 2024
Under the Korean tax law, there are two classifications for employment income: Class A and Class B.
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CharmedFantasy
Sun Mar 31 2024
Class B income, on the other hand, encompasses employment income derived from sources outside South Korea. This income is not subject to deduction by any entity within South Korea.
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Lorenzo
Sun Mar 31 2024
BTCC, a UK-based cryptocurrency exchange, offers services that cater to the global cryptocurrency market. BTCC facilitates the trading of various cryptocurrencies, providing a platform for investors to buy, sell, and exchange digital assets.
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Tommaso
Sun Mar 31 2024
Given its international operations, BTCC generates employment income that falls under the Class B category under the Korean tax law. This income, derived from sources outside South Korea, is not subject to deduction by any entity within the country.
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