Korean Finance Minister vows to bring crypto tax code in 2022

The Korean Finance minister claimed that they will try their best and fight against the delay of the crypto tax bill. They will try to make the new tax rules to take into effect from 1 January 2022. 

 A new crypto tax by the authorities of South Korea was expected to come into effect from 1 January 2022. But right now the majority of the  Democratic Party are trying to postpone this crypto tax code to be implemented from 2023. 

If the new tax law of Korea comes into effect, then all the crypto Investors who have crypto transactions in excess of $2100 USD, will have to pay 20% on the gains.

According to the reports by the international media, Democratic Party, which holds a slim majority in South Korea’s National Assembly, is trying their best to postpone the crypto tax bill and they aim to get success to postpone it by October end. 

But Hong Nam-Ki , South Korea’s Minister of Strategy and Finance, opposed the decision to postpone the bill. Here Hong is not alone, because a big political power also supports and also Hong has been former Prime Minister of South Korea. 

The National Assembly Representative from the Democratic Party, Kim Byung-Ook, asked the minister whether they can postpone the crypto tax code until 2023, so that they can also consider the same for the stocks.

Isn’t it reasonable to levy the stock market capital gains tax and virtual asset tax in 2023?”

Minister Hong clearly said “NO”. And added 

“In the past, it was almost impossible to collect taxes on virtual asset accounts, so no taxation was carried out….The foundation has now been laid, and based on that, we will be taxed starting next year,”

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