Tax on crypto delayed! South Korea Extends Breathing Room until 2027
The South Korean government delayed capital gains tax for two years, giving cryptocurrency businesses some breathing space.
The crypto taxation policy was delayed until 2027 by South Korean lawmakers.
For the second time, South Korean officials canceled the January 2025 cryptocurrency capital gains tax.
The Asian country's political environment prevented its implementation next year, thus it was delayed until 2027.
On Sunday, Democratic Party of Korea floor leader Park Chan-dae announced a deal to postpone bitcoin trading taxes.
“We have decided to agree to a two-year moratorium on the implementation of the cryptocurrency taxation proposed by the government and ruling party,” Park stated of the January 2025 bitcoin tax.
KDP and the governing People's Power Party reportedly reached a political pact to tax crypto earnings more liberally, but the two-year ban was imposed.
The People's Power Party advocated delaying crypto taxes until January 2028.
Increase Tax Deductibles
Previously, Democrats rejected the tax moratorium and suggested raising tax deductions.
The party agreed with fellow South Korean MPs to delay the implementation date on Sunday.
Park said his party will not support government inheritance and gift tax plans that would “benefit the super wealthy.”
The South Korean government wants to cut the inheritance tax rate from 50% to 40% and increase deduction levels for children inheriting from parents.
Park said postponing the measure by two years will allow South Korean lawmakers time to assess the effects of taxing digital asset income.
Crypto merchants have two more years to prepare before being taxed on their profits.
Trading in digital assets will incur a 20% capital gains tax for South Korean bitcoin investors.
Due to concerns about its impact on the local cryptocurrency market, the South Korean government postponed its 2021 crypto tax until 2023.
After being delayed until January 2023, the implementation was intended to begin.
0 άτομα έστειλαν φιλοδώρημα στον δημιουργό.
Αποποίηση ευθυνών: Περιλαμβάνει γνώμες τρίτων. Δεν είναι οικονομική συμβουλή. Ενδέχεται να περιλαμβάνει χορηγούμενο περιεχόμενο.Δείτε τους Όρους και προϋποθέσεις.
BTC
97.949,97
-5.08%
6k
0
Απαντήσεις 0
Εξερευνήστε τα τελευταία νέα για τα κρύπτο
⚡️ Συμμετέχετε στις πιο πρόσφατες συζητήσεις για τα κρύπτο
💬 Αλληλεπιδράστε με τους αγαπημένους σας δημιουργούς