South Korea Postpones 20% Crypto Tax to 2025
07-22-2022The implementation of South Korea's planned taxes on crypto earnings has been delayed by two more years, according to the 2022 tax reform plan announced on Thursday by government officials.
- The announcement comes after the country's legislators in December delayed initial plans to tax virtual assets until 2023.
- According to the tax reform plan, reviewed by CoinDesk, taxation on income from virtual assets as well as income from the "transfer or lending of virtual assets" will be delayed to 2025.
- The initial plans to levy an additional 20% tax on crypto gains exceeding KRW 2.5 million ($1,900) in a one-year period, remain unchanged.
- A South Korean blockchain advocate, Harold Kim, previously told CoinDesk that the planned taxes might unfairly target smaller crypto investors, as the threshold for taxing capital gains from investment in the local stock market is considerably higher.
Source: Coindesk
More from this category
Bank of England Raises Interest Rate by Most Since 1995
08-05-2022The Bank of England (BOE) raised its interest rate by 50 basis points to 1.75%, the biggest single increase since 1995, amid concern U.K. inflation will climb significantly above 10% next year. The...
Singapore's Central Bank to Consult Public on Stablecoin Regulations
08-03-2022The Monetary Authority of Singapore (MAS), the country's central bank, is "actively reviewing" its approach to regulating stablecoins, Tharman Shanmugaratnam, the minister in charge of the bank, said....
Final candidates for next UK prime minister have made pro-crypto statements
07-29-2022Rishi Sunak, the former chancellor of the Exchequer, and Liz Truss, Secretary of State for Foreign, Commonwealth and Development Affairs, two of the final candidates to become the next prime minister...