EPTInformation from Korea - Page 49
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onlystar
United States971 Posts
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Jealous
10111 Posts
On October 11 2017 15:21 K.H.J wrote: No, one of the Stork's friends recommended this stock. Stork call this 'fraud'. That's terrible -_-; Can you confirm that purchasing stock in Korea is a good way to decrease taxation? How are Brood War/eSports winnings taxed - immediately upon receiving, or as part of the end-of-the-year earnings? | ||
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K.H.J
Korea (South)769 Posts
On October 11 2017 16:11 Jealous wrote: That's terrible -_-; Can you confirm that purchasing stock in Korea is a good way to decrease taxation? How are Brood War/eSports winnings taxed - immediately upon receiving, or as part of the end-of-the-year earnings? 1. Korea do not impose tax in stock. 2. In Boxer's era - immediately 33% or 22%... I cant remember correct number. After - Individual income tax. Korea government think that it is business earning | ||
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Jealous
10111 Posts
On October 11 2017 22:39 K.H.J wrote: 1. Korea do not impose tax in stock. 2. In Boxer's era - immediately 33% or 22%... I cant remember correct number. After - Individual income tax. Korea government think that it is business earning Thank you! I think this explains why so many players invested so much. | ||
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marwin
Ukraine109 Posts
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K.H.J
Korea (South)769 Posts
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hiro protagonist
1294 Posts
uh, any updates on sonic? like thats bad... | ||
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fish_radio
182 Posts
he was arrested for embezzlement. SBENU (remember the shoe company?) made unreliable shoes and did not pay back investors. | ||
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Ender2701
United States581 Posts
On October 11 2017 22:54 Jealous wrote: Thank you! I think this explains why so many players invested so much. Hm, this doesn't sound accurate, I don't think you can just invest your savings and not get taxed in Korea. In a quick google search, it looks like it is in the US. The tax for capital gains (profit from stock), is usually taxed at a lower rate than normal income, but you still pay tax on any salary you were originally paid in cash. If I am paid in dollars, and then buy stock, I'm still taxed on my salary in dollars. As part of your compensation, you might given the option to buy stock of the company at a reduced price though (known as options). Stock acquired in this way and then sold, is taxed at the capital gains tax rate. In the US, if you hold for at least a year, you'll instead pay the long term capital gains tax rate, which is lower. In addition, stock (or other capital asset) you buy will be taxed in this manner, but doing so won't change your income tax. I don't think there was a good reason for these pros to have so much money un-diversified in the stock market. | ||
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K.H.J
Korea (South)769 Posts
On October 13 2017 15:06 Ender2701 wrote: Hm, this doesn't sound accurate, I don't think you can just invest your savings and not get taxed in Korea. In a quick google search, it looks like it is in the US. The tax for capital gains (profit from stock), is usually taxed at a lower rate than normal income, but you still pay tax on any salary you were originally paid in cash. If I am paid in dollars, and then buy stock, I'm still taxed on my salary in dollars. As part of your compensation, you might given the option to buy stock of the company at a reduced price though (known as options). Stock acquired in this way and then sold, is taxed at the capital gains tax rate. In the US, if you hold for at least a year, you'll instead pay the long term capital gains tax rate, which is lower. In addition, stock (or other capital asset) you buy will be taxed in this manner, but doing so won't change your income tax. I don't think there was a good reason for these pros to have so much money un-diversified in the stock market. Well, Capital gain = no tax The tax which you mentioned is Value added tax and income tax. I've learned tax law in 2015, so if it is not revised, no tax for capital gain. | ||
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Ender2701
United States581 Posts
The rules for capital gains tax in Korea: Capital gains from the transfer of shares of a company listed on the Korea stock exchange are exempt from taxation unless the transferor is a majority shareholder who: (i) holds more than 1% of the total outstanding shares of the company; or (ii) owns shares in the company with a fair market value of more than KRW 2.5 billion. Capital gains from the transfer of shares of an unlisted company are not exempt from taxation, and a shareholder of an unlisted company that meets the ownership (4% of the total outstanding shares) or fair market value (KRW 2.5 billion) thresholds to qualify as a majority shareholder may be subject to an increased tax rate on the gains, as described below. Majority shareholders must pay a tax of 30% on gains from shares held for less than one year, and 20% on gains from shares held for a longer period. Shareholders who are not majority shareholders are liable for a 20% tax on gains from a transfer of non-SME shares and a 10% tax on gains from a transfer of SME shares, in both cases regardless of the holding period. A 20% tax applies to majority shareholders of SMEs. https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Tax/dttl-tax-koreaguide-2017.pdf | ||
thedeadhaji
39489 Posts
On October 11 2017 22:54 Jealous wrote: Thank you! I think this explains why so many players invested so much. No you can't avoid taxes on earned income like that through an investment instrument. The tax will happen regardless [1]. This is a standard situation that happens anywhere in the world, where a comparatively wealthy person who is tricked by "a friend" "in the know". It's analogous to the stories you hear about actors or athletes losing money through bad investments [2]. You do want to put your nest egg to work, especially when you know that as a progamer, your effective earning lifespan is very short. That would lead them to look into investments of various kinds, opening themselves up to be defrauded/tricked. [1] unless you're incorporated as a business, then incur actual expenses or business losses to offset your profit (depends on your jurisdiction's exact rules), but this is not the case here. [2] An "bad" example is Nicholas Cage. A "good" example is Joe Montana. | ||
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Jealous
10111 Posts
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K.H.J
Korea (South)769 Posts
![[image loading]](https://i.imgur.com/zGHuDVw.jpg) ![[image loading]](https://i.imgur.com/WMQXn2t.jpg) OGN Seoul Super Cup Photo. | ||
GTR
51416 Posts
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BigFan
TLADT24920 Posts
On October 14 2017 13:54 K.H.J wrote: OGN Seoul Super Cup Photo. How big is the audience? Seems like a big room but not much room for people to watch or something? | ||
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K.H.J
Korea (South)769 Posts
On October 14 2017 14:21 BigFan wrote: How big is the audience? Seems like a big room but not much room for people to watch or something? 1500seats | ||
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Ej_
47656 Posts
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Arvendilin
Germany1878 Posts
Seats all filled up? On stream you don't really see them | ||
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razorsuKe
Canada2000 Posts
On October 14 2017 18:54 Arvendilin wrote: Seats all filled up? On stream you don't really see them I saw some empty seats before they cut to commercial, during the part when Artosis was describing the University, which I think was before the 2nd match. | ||
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