South Korean opposition party tries to make changes to crypto tax: report

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The South Korean opposition People Power Party is preparing a proposal to delay the implementation of the country’s crypto tax laws, as well as adjust the level at which the taxes go into effect, according to a report from the Korea Herald.

  • The bill would delay the entry into force of the January 1, 2022 legislation currently scheduled for early 2023.

  • It would also change the law from a 20% tax on cryptocurrency capital gains over 2.5 million won (US $ 2,125) to a 20% tax on gains between 50 million and 300 million won ($ 42,000 to $ 251,000), and a 25% tax. for profits exceeding 300 million won.

  • “It is not fair to impose taxes first at a time when the legal definition of virtual currency is ambiguous,” the Korea Herald said, quoting People Power Party representative Cho Myung-hee. “The intention is to lighten the tax base in terms of tax on income from financial investments so that virtual currency investors do not suffer disadvantages.”

  • Lawmakers are expected to submit the bill as early as Tuesday, according to the report.

  • Last week, South Korea’s Finance Minister and Deputy Prime Minister Hong Nam-ki said the current legislation was ready for implementation on January 1 and that any further delay “would result in a loss of public confidence in government policy and undermine stability in the Legal System. “

  • Non-fungible tokens (NFT) appear for the moment to be exempt from crypto taxes. However, South Korea does not currently classify them as “virtual assets”.


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