As the use of cryptocurrencies continues to evolve around the world, some countries are introducing various taxation methods for cryptocurrencies.
Like the USA, South Korea has become one of the countries that plans to impose taxes on cryptocurrency transactions.
In South Korea, with the income tax law amendment made earlier this year, investors are required to pay 20% of their earnings over 2.5 million won ($2260) to the government as tax, effective from 2022.
After the amendment, the opposition party in South Korea called for the postponement of the laws, which caused the reaction of investors and tax experts, and which imposes tax obligations, to January 1, 2023.
At the National Assembly meeting held today, the parties agreed on a new amendment that would include a one-year delay in taxation of profits from crypto transactions.
At the meeting that took place, the parties agreed to “postpone the 20% tax on cryptocurrency earnings from January 1, 2022 to January 1, 2023”.
The new amendment to be made in line with the postponement decision to be made in the income tax law will be decided at the general assembly meeting to be held on Tuesday.
Another issue that wanted to be changed was the lower threshold of taxation. No agreement was reached on raising the lower threshold from 2.5 million won to 50 million won.