Thursday, May 19, 2022

South Korea’s Opposition Prepares Anti-Crypto Tax Proposal

An anti-crypto tax proposal has been prepared by People Power Party, an opposition in South Korea, to delay the implementation of crypto tax law in the country, reports Korean Herald. 

The opposition is planning to present the proposal in front of the government on October 12, 2021. 

According to the report published by the Korean Herald, the opposition has urged the government to provide a one-year extension for imposing crypto taxation in the country.

It was reported earlier that the South Korean government has decided to impose a 20 percent levy on crypto gains above $2100 from 2022.

Apart from this crypto tax regime, the opposition is also advocating for a tiered levy for crypto. The Financial Investment Income Tax has presently, decided to implement this in 2023.

As per the report, the opposition, in its proposal has suggested that despite imposing a 20 percent levy on crypto gains above $2100, the government could implement 20 percent on gains above $42,000 to $251,000.

The representative of opposition Cho Myong-hee believes that the government should ease the burden on crypto investors, therefore he stated, “A tax regime for cryptocurrencies should be in line with the country’s financial investment income tax.”

A week ago, the Deputy Prime Minister of South Korea Hong Nam-ki mentioned that the country has decided to implement the legislation on January 01, 2022, any further delay would “lead to the loss of public trust in government policy and undermine stability in the legal system.”

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