News on October 11th, South Korean lawmakers are trying to delay the controversial cryptocurrency investment income tax, which will be implemented on January 1, 2022.
The opposition People’s Forces Party is drafting a proposal to reduce the capital gains tax on cryptocurrencies, and it is expected to submit the bill as early as Tuesday.
The PPP bill proposes to postpone the taxation of crypto gains by one year to 2023 and provide more generous tax relief than the current plan. Legislators plan to amend current laws to impose a 20% tax rate on profits of 50 million to 300 million won (US$42,000-251,000), and a 25% tax rate on profits over 300 million won. This is consistent with the financial investment income tax that will be implemented from 2023.
Post time: Oct-11-2021