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South Korea May Delay Implementation of 20% Crypto Tax Till 2022
The National Assembly is pushing for a delay to the tax proposal to allow exchanges more time to prepare.
Updated Sep 14, 2021, 10:34 a.m. Published Nov 25, 2020, 11:25 a.m.
South Korea's National Assembly is pushing for a delay to the introduction of specific taxation for digital assets.
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- According to a report Wednesday by local news source DongA.com, a proposed legal amendment bringing in the tax regime is planned to come into effect as of October 2021.
- However, the National Assembly said more time is needed to build the relevant tax infrastructure after cryptocurrency exchanges said they couldn't be ready by the deadline.
- As such, the National Assembly is seeking to delay the start of the taxation period to January 2022.
- The matter is expected to be decided by the assembly's Tax Subcommittee as soon as possible.
- The Ministry of Economy and Finance tabled the proposal in July, seeking to bring in a 20% levy – plus a 2% local income tax – on cryptocurrency trading profits above 2.5 million KRW (around $2,260).
See also: Coinbase Ditches US Customer Tax Form That Set Off False Alarms at IRS
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