ICO(Initial Coin Offerings)에 대한 과세문제

Attention is growing on the initial coin offering (ICO), which raises funds by presenting projects or businesses based on blockchain technology in white paper format on the internet and selling virtual currencies or tokens. However, despite the fact that Korea has banned ICOs due to concerns about possible side effects such as increased fraud risk, market fever and consumer damage caused by increased speculative demand, domestic companies have conducted ICOs overseas. In response, this article examines the issue of taxation of ICOs that can be implemented in Korea. In summary, the following: First of all, let's look at the issue of taxation on overseas ICOs. First, it is possible to collect taxes on the money invested in a virtual currency by an overseas subsidiary established by a domestic corporation through an ICO and transferred to a domestic corporation in exchange for development costs and technology provision. Second, if overseas subsidiaries that are issuing tokens create profits such as providing products and services to investors in succession, a transfer pricing taxation problem could arise. Thirdly, when a domestic corporation invests in a foreign corporation that has its head office or principal office in a tax haven for the purpose of implementing ICOs overseas, the amount of retained income that can be distributed to domestic corporations. Fourthly, business income distribution or dividends received from ICO companies will be included in the taxable income, since the rights of tokens paid by ICOs to be commended can be regarded as business income distribution rights. Fifth, in order for investors to transfer virtual currency to token-issuing companies and expand legal currency to purchase virtual currency locally. Next, if ICOs are permitted in Korea, let's examine the tax problem. First, when a token-issuing company receives a virtual currency, such as utility tokens that do not fall under the category of equity securities, in exchange for the provision of utilities such as content and services, the benefit of transfer may be used to handle accounting. Furthermore, it is necessary to consider whether this should be treated as a deposit, or an advance received, as well as the tax deferred. Second, investors should be taxed because they purchased tokens such as bitcoins issued by the ICO at market prices. Thirdly, when a collective investment mechanism such as an investment company is utilized, profits can be created and distributed to token holders by receiving virtual currency and investing funds exchanged for legal currency in blockchain technology development. Under the Income Tax Act, profits distributed by a collective investment corporation with certain requirements shall be classified by dividend income, regardless of the profits arising from the investment and operation of the collective investment company. Fourthly, whether or not the so-called "exit tax" will be imposed on investors who are residents who hold tokens that are issued by a domestic corporation that conducts its ICO at the time of departure. Since virtual currencies do not fall under the category of securities, etc., existing laws and regulations may not apply to the taxation system for overseas transfers. However, it is necessary to revise the international tax adjustment law and consider whether to include cryptocurrencies.