S.Korean presidents plan to raise crypto tax threshold hits road bump

-The South Korean National Assembly Research Service (NARS) has asserted that a 20% tax on cryptocurrency gains, set for 2023, should maintain a 2.5 million won (US$1,942.20) threshold.

-This contradicts new president Yoon Suk-yeol’s initiative to raise the limit to 50 million won.

-The NARS report also upheld that the crypto tax start date of Jan. 1, 2023 should no longer be delayed to 2025, as the nation’s deputy prime and finance minister nominee Choo Kyung-ho suggested in early May.

-Raising the crypto tax threshold to 50 million won to match that of stock gains was a promise to voters from Yoon during his election campaign.

-Yoon’s presidential transition committee said earlier this month that taxation will move forward after the legislation of investor protection measures, alluding to further delay.

-South Korea’s 20% tax on over 2.5 million won worth of digital asset income is set to start Jan. 1, 2023.

 

 

NARS S.Korean presidents plan to raise crypto tax threshold hits road bump
S.Korean presidents plan to raise crypto tax threshold hits road bump 2

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