South Korea Opposition Pushes to Delay 22% Crypto Tax Until 2030
TL;DR
- South Korea’s opposition is seeking to delay the 22% crypto tax until 2030, arguing that authorities need more time to build a fair taxation system.
- The government currently plans to begin taxing crypto gains in 2027.
- The proposed delay could give investors, exchanges, and regulators additional time to address reporting, loss deductions, and digital asset taxation rules.
South Korea is facing renewed political pressure over its planned cryptocurrency tax, with an opposition lawmaker proposing to push implementation from 2027 to 2030. The proposal comes shortly after the government reaffirmed that it intends to begin taxing virtual asset gains next year.
The debate is significant for a country with a large retail crypto market, where millions of investors actively trade digital assets. Under the current framework, annual crypto gains above 2.5 million won would face a combined 22% tax, consisting of a 20% national income tax and a 2% local tax.
South Korea Opposition Targets 2030 Tax Start
People Power Party Representative Jeong Seong-guk has proposed changing the effective date of the crypto provisions in the Income Tax Act from January 1, 2027, to January 1, 2030. His argument centers on giving lawmakers and tax authorities additional time to establish practical rules for digital asset taxation.
… Continue reading the full article at the original source below.
