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New President of South Korea plans to delay the taxation policy of crypto
When it comes to crypto adoption, South Korea has made multiple headlines in 2021 as the country took several steps to regulate cryptocurrencies. However, as per a recent report from media outlets, the President-elect of the nation, Yoon Seok-yeol, is planning on delaying the taxation policy of digital assets.
Digital assets taxation policy to delay until 2024
The report noted that Yoon Seok-yeol's Presidential Transition Committee (Transfer Committee) is considering further delaying the digital assets taxation policy for South Korea until 2024 which was earlier scheduled for 2023 January. This comes after the confirmed win of Yoon Seok-yeol who is known for his crypto-friendly but anti-feminist stance, as Cryptonary reported previously.As per the report, authorities in South Korea believe that "it is not right to start taxing even before enacting the Business Rights Act, which is a prerequisite for taxation of virtual currency." The report further adds that there is number of concerns as well:
However, there are concerns that the tax principle may be shaken if the tax imposition is delayed further in a situation where income continues to be generated from investment in virtual currency.A key official who knew about these developments in South Korea talked to Hankook Ilbo and said that the President is adhering to his promises of bringing the "principle of taxation after maintenance first."
Looking at the big picture for South Korea
As per the report, the government of South Korea was to impose a 22% tax on all profits from investment in digital assets which exceeded 2.5 million won. However, it is a common perception between the opposition and opposition parties that market rules must be established first before enforcing the virtual currency tax and as a result, a number of business rights laws are currently being proposed in the National Assembly.As crypto is a volatile industry, taxation of gains is not an easy task. However, there are also concerns among many people who are wondering if postponing the taxation policy is like turning a blind eye to the principle of 'where there is income there is tax.'
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