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South Korean lawmakers inch closer to deal to delay crypto tax by one year
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In what could be a big win for the local crypto industry, South Korean lawmakers are close to delaying taxation on digital assets for another year.
Representatives from the Tax Subcommittee in the National Assembly, South Korea’s legislative body, reached a bipartisan agreement on Nov. 29 by approving an amendment that could postpone the crypto tax by one year. If the amendment passes in a parliamentary session on Dec. 2, taxation will begin on January 1, 2023, not 2022 as previously planned.
Democratic Party lawmakers who have been pushing for this delay decried flaws in the information gathering procedures that would be implemented by the National Tax Service (NTS).
One such procedure would be to assume a 0 KRW ($0) cost basis for crypto
Read more on cointelegraph.comAbout this in other media
South Koreans Can Trade Crypto Tax-Free Until at Least 2023 as Delay 'Virtualy Confirmed' cryptonews.com /2 years ago
South Korean legislators agree to delay taxation of cryptocurrency capital gains ambcrypto.com /2 years ago
South Korean Political Parties in ‘De Facto Agreement’ over Crypto Tax Delay cryptonews.com /2 years ago
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