South Korea’s government on Thursday announced its 2022 tax reform plan, which includes further postponing plans to tax crypto gains.
- South Korea postpones crypto tax until 2025
- Initial plans were for a 20% tax
- This levy has already been extended twice.
South Korea again again drags out a plan: that of taxing cryptocurrencies.
The history of the crypto tax in the Asian country has precedents of other similar delays. In 2020, it was first announced that the nation would have a cryptocurrency transaction tax of 20%. without revealing the date, although it was said that it would be from 2021. However, in December 2020 it was decided to extend the measure to 2022. . Then, at the end of 2021, a new announcement was made for a new delay and date for 2023 . Now, with 5 months left this year, there is a new mark on the calendar: 2025.
The implementation of South Korea’s planned taxes on crypto gains gains refer to an increase in value or profit. has been delayed by two more years, according to the 2022 tax reform plan announced today by government officials.
According to the tax reform plan, taxes on income from virtual assets as well as income from the “transfer or lending of virtual assets” will be delayed until 2025.
Initial plans to impose an additional 20% tax on crypto gains exceeding KRW $2.5 million (USD $1,900) over a one-year period remain unchanged.
Also, a 20% tax on capital capital is most commonly defined as the large sum of money you would use to invest. gains above 50 million Korean won (USD $38,624.95) from stock trading, which was scheduled to take effect from 2023, has also been delayed until 2025.
Ko’s announcement was part of the new economic policy roadmap a roadmap is a high-level visual summary that helps map out the vision as well as the direction of a specific product. of President Yoon Suk-yeol, who previously said the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. tax should come after preparing sufficient market an area or arena, online or offline, in which commercial dealings are conducted. infrastructure.
The roadmap reiterated that the next “Basic Law on Digital digital technologies are these electronic tools that have the ability to generate, store or even process data. Assets”. regulate the issuance and listing the addition of an asset or an asset pair to an exchange. of cryptocurrencies.
A South Korean blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. advocate, Harold Kim, previously told the media outlet. CoinDesk that the planned taxes could unfairly target smaller crypto investors, as the threshold for taxing capital gains from investing in the local stock market is considerably higher.
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