Korea's ruling party looks to defer crypto tax

 

Noh Woong-rae of the ruling Democratic Party of South Korea, “Partial Amendment to Income Tax Law” Which would delay the taxation of state profits on crypto assets until a year 2023. Contrasting legislation that hopes Woong-rae Passed in October, with the intention of the Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki, to start taxing cryptocurrency profits in a year 2022, as described in the original copy of the Income Tax Law. 

where he said Nam-ki Nam-ki In April, taxation of cryptocurrency trading gains was inevitable. As previously explained by the Ministry of Finance, cryptocurrency users will face a tax of 20% On profits in excess of 2.5 million South Korean won (2262 American dollar). According to a report released Thursday by the news outlet, Financial News, Discusses the Woong-rae, and other critics that

"Relevant tax infrastructure is not sufficiently developed".

On the other hand, he said Noh, who criticized the finance minister's statement earlier this year, that

“Inadequate infrastructure to tax virtual assets and deferrals is inevitable.”

also added Noh Also, that the Ministry of Finance did not have the authority to start taxing cryptocurrency, and that the decision was a legislative matter. He added that failure to mediate through appropriate channels would undermine citizens' confidence in their government and encourage tax evasion. Legislation to tax cryptocurrency gains has been delayed several times, since it was first proposed last year. According to the report, he indicated Noh, that the country's National Assembly is expected to approve the amendment, subject to the approval of the ruling party and the opposition.