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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 Korea intensifies tax-evasion probe; crypto investment firm under investigation ambcrypto.com /3 years ago
Korean crypto investment firm Hashed reportedly under tax investigation cointelegraph.com /3 years ago
Crypto Fans Build Up Their Power as S Korean Politicians Delay Crypto Tax cryptonews.com /3 years ago
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