Political rift delays South Korea’s crypto tax decision, impacting its timeline and structure.
Proposed tax exemption increase could reduce crypto taxpayers to only 0.04% of investors.
Debate intensifies over infrastructure and fairness in taxing South Korea’s virtual assets.
The South Korean National Assembly postponed a plenary session originally scheduled for November 26 due to political conflicts over the proposed taxation of virtual assets.
The Strategy and Finance Committee had planned the plenary session to address the virtual asset taxation issue, among others. However, disputes between the ruling People Power Party (PPP) and the opposing Democratic Party of Korea led to the session’s cancellation.
The DPK wants to adopt the crypto tax as planned, while the PPP wants a two-year delay, citing the need to address the growing crypto market.
Conflicts over other issues, such as inheritance tax policies, also contributed to the delay. The Planning and Finance Committee, which has representatives from both parties, must now resolve these matters through further deliberations.
Debate Over Tax Exemption Thresholds
The Democratic Party has propos…
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