South Korea postpones 20% crypto tax

South Korea’s plans to tax crypto earnings have been postponed for two years, according to a board meeting announcement by government officials on Thursday 21 July.

In December, the country’s legislators made the decision to delay any taxation on crypto profits and tax virtual assets until 2023.

Now, the tax reform plan states any taxation on income from the “transfer or lending of virtual assets” alongside taxation from virtual assets will be delayed further from January 2023 until 2025.

However, the primary plan to tax 20% on crypto gains that exceed KRW 2.5m ($1,900) in a year remains the same.

Before any taxation laws are put into place, Kim Young-Jin, chairman of the Tax Subcommittee wants to form solid crypto regulation laws and newly elected president Yoon Suk-Yeol has promised to work on regulations first.

There seem to be mixed reviews globally on taxing digital assets. It was announced in March that India will tax any profits made by crypto by 30%.

Meanwhile, Thailand decided to eliminate their taxation laws altogether, with the country’s Ministry of Finance deciding to forego a previously discussed 7% tax that would have applied to crypto traders using authorized exchanges in the country.

While the world decides on the laws surrounding crypto profits, you may spend your crypto recreationally at websites such as Bitcasino, 1xBit or FortuneJack.

Source

Updated: 07/22/2022 — 18:00