A South Korean bill to delay a 20% cryptocurrency tax has reached a deadlock - Aliens: AI Crypto News & Markets Updates

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A South Korean bill to delay a 20% cryptocurrency tax has reached a deadlock

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Aliens

Thu, Nov 25, 2021

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Reported that the Taxation Subcommittee under the Korean National Assembly Strategy and Finance Committee discussed amendments to the income tax law, including postponing the income tax on virtual assets, but failed to reach an agreement because government officials attending the meeting still held objections. Therefore, the subcommittee will discuss the matter again on November 26. However, the bill will likely be passed during the discussion on November 26, according to Professor Cha Dong-joon at Jingfu University: "Legislative matters are solely handled by the legislature. So I don't think even if the Ministry of Economy and Finance opposes [the delay], it will be able to stop the bill from being passed."

South Korea plans to impose a 20% tax on the proceeds of virtual assets over 2.5 million won (approximately US$2,100) from January 1, 2022. The tax policy has caused controversy among investors in their 20s and 30s, who claim that the tax policy is unfair compared to the stock income tax. From January 1, 2023, a 20% income tax will apply on stock income from 50 million won (approximately US$42,000).

Source: Forkast

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