As the laws are getting stricter in South Korea, tax filings in the country will also include crypto earnings from 1 January 2022, as per local reports. Earlier, South Korean authorities were mulling over postponing the tax code until 1 January 2023.
Noh Woong-rae, a member of the ruling Democratic Party, had stated that the country needs to defer the taxation plans until a sufficiently prepared infrastructure is in place. However, a recent government meeting reportedly decided otherwise.
The aspect of “coin-taxation” is also a matter of difference of opinions between the political parties. The majority Democratic party wanted to push the legislation for 2023 while the Ministry of Strategy and Finance opted for earlier implementation.
An official quoted in the local reports said,
“There was an opinion that it is right to raise the tax first before creating a proper safeguard to protect them.”
Read more at: https://ambcrypto.com/no-deferral-on-taxation-law-south-korea-to-tax-crypto-gains-2022-onwards/
Topic: [2021-10-02] South Korea to tax crypto gains 2022 onwards (Read 41 times)
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