The proposed South Korea crypto income tax is getting delayed because the local crypto exchanges asserted that the given time is not enough so let’s read more in the latest crypto news.
The lawmakers in South Korea decided to postpone a recently considered tax on the crypto asset profits. The reports said that the South Korea crypto income tax will be delayed for about three months which means it will be brought in January. According to the new media reports, the South Korean congress will put off the recently considered crypto income tax rule. The planning and finance committee of the National Assembly issued a new report which proposes the necessity of implementing the crypto income tax rule from 2022.
A few months ago, a new report stated that South Korea’s Minister of Finance and Economy believes that the country will have to come up with a new tax on crypto trading and investing and that the country was already in discussions with other countries about introducing a new law. In July this year, the country’s Ministry of Economy and Finance amended its tax code where it included a new plan for charging residents a 20% tax on gains from crypto trading which are worth about $2,000.
The lawmakers in the National Assembly will likely approve the Government’s plan which was to carry into effect as the new crypto income tax rule from October 20221. According to the media reports, the reason for the postponement of crypto taxes is based on some other concerns that were raised by local crypto exchanges. They claimed the lack of time to build a proper tax reporting system and infrastructure which is much needed for the process to start. The so-called “Specific Financial Information Act” will be enforced from March 2021 as crypto exchanges have to complete a new reporting system by September 2021 for verifying the real name for deposit and withdrawal accounts.
South Korea announced a new plan of crypto income taxes in June this year. The country went through some different views on how they should create the new tax law but they didn’t initially consider that digital assets can be considered as taxable income. One month later, another local report said the Ministry believes that the nation will start label crypto trading profits as “other income.”
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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