South Korea: Ruling Democratic Party Formally Proposes Delaying Cryptocurrency Tax Planned for Next Year in What Would Be a Fourth Postponement
South Korea's ruling Democratic Party (DP) on November 4 formally proposed that the government postpone the implementation of taxation on cryptocurrencies, currently set to take effect on January 1 next year. The party's supreme council took the decision at a meeting the same day, and DP leader Kim Min-seok said the proposal took into account the need to give businesses and investors time to adjust to the new taxation scheme.
South Korea first introduced a taxation scheme on cryptocurrencies in 2020, but its implementation has been repeatedly postponed, with the tax now scheduled to take effect on January 1. If the latest proposal is accepted, it would mark the fourth delay. Under the scheme, annual cryptocurrency gains exceeding 2.5 million won (about US$1,880) will be subject to a 22 percent tax, including local income tax.
With the proposal now formally put to the government, whether the tax is delayed and on what timetable will be decided in subsequent consultations between the government and the National Assembly, and market participants' tax compliance arrangements will depend on the final schedule.
Source: 韩国共同民主党
Published by GSM · USA (original Chinese edition)
Photo: 照片：韩国国会大厦（首尔汝矣岛），Alain Seguin at Flickr, from Ottawa, Canada 摄，Wikimedia Commons，CC BY-SA 3.0 授权 / Photo: National Assembly Building in Yeouido, Seoul, South Korea, by Alain Seguin at Flickr, from Ottawa, Canada, Wikimedia Commons, CC BY-SA 3.0
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