The National Assembly of South Korea passed an amendment to the legislation, which implies the introduction of taxation of cryptocurrencies from January 1, 2023. It is reported by CoinDesk…
The government planned to levy a 20% tax on profits from trading virtual assets in excess of 2.5 million won (~ $ 2,118) from January 1, 2022.
Despite citizens’ support for the government’s plans, parliamentarians from the ruling Toburo Democratic Party spoke out in September in favor of a one-year postponement.
In October, representatives of the People’s Power opposition party made a similar proposal. The parliamentarians explained their position by the unpreparedness of the fiscal infrastructure to introduce the tax.
The government repulsed attempts by lawmakers to approve a deferral, but in late November, the National Assembly’s profile committee voted for a bipartisan amendment that postpones the introduction of taxation by a year. Parliament supported the proposal.
Recall that the South Korean authorities hinted at the possible introduction of a tax on transactions with non-fungible tokens, although they previously argued that NFTs do not fall under the definition of virtual assets.
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The National Assembly of South Korea passed an amendment to the legislation, which implies the introduction of taxation of cryptocurrencies from January 1, 2023. It is reported by CoinDesk…
The government planned to levy a 20% tax on profits from trading virtual assets in excess of 2.5 million won (~ $ 2,118) from January 1, 2022.
Despite citizens’ support for the government’s plans, parliamentarians from the ruling Toburo Democratic Party spoke out in September in favor of a one-year postponement.
In October, representatives of the People’s Power opposition party made a similar proposal. The parliamentarians explained their position by the unpreparedness of the fiscal infrastructure to introduce the tax.
The government repulsed attempts by lawmakers to approve a deferral, but in late November, the National Assembly’s profile committee voted for a bipartisan amendment that postpones the introduction of taxation by a year. Parliament supported the proposal.
Recall that the South Korean authorities hinted at the possible introduction of a tax on transactions with non-fungible tokens, although they previously argued that NFTs do not fall under the definition of virtual assets.
Subscribe to the Cryplogger channel at Youtube…
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