Korean lawmaker: Cryptocurrency Income Tax Is Identical To Lottery Win
Because of the inability of the perfect crypto tax rule in Korea, Korean lawmaker suggested considering Crypto Investment earning as another temporary income.
Noh Woong-rae,A legislator of the ruling Democratic Party of Korea, today announced the crypto tax rules that will remain valid until January 2023.
Recently one of the entities of Korean government Indirectly criticized the youths of South Korea regarding Investment in Cryptocurrency. And in reply the most of the youngsters of Korea started to troll against them and said they are not aware about the problem of youngsters and they don’t know how much we are facing problems regarding job, income because of unemployment and after that Ruling government authorities responded that their mean was not to intend to people stop Cryptocurrency Investment, we only means to make a perfect rules and regulations so that every citizen of South Korea can easily invest in crypto with safety.
Related: South Korea’s Indirect Effort To Regulate Crypto : S. Korean Government Entities
In the present time taxation rule matters are in trend in the lawmakers of S. Korea.
According to lawmakers the rules of the South Korean government over Cryptocurrency exchanges and crypto buy and sell by their citizens are not perfect enough to implement for the taxation system.
For example if they will implement tax rules over overseas exchanges like Binance exchange then there is a big issue because of the lack of transparency in spot trade & P2P buy and sell trade.
There are many things which are not able to convert the whole Cryptocurrency market under a particular regulation rule perfectly.
So for now it is better to prepare Cryptocurrency tax law in a more defined way and we should consider Cryptocurrency Investment and earnings as another source of income and the tax rule will be applicable according to other income criteria.
Noh Woong-rae, legislator of Current democratic party of South Korea, announced that we will continue to use crypto tax law as another income source. And this rule will be applicable until July 2023.
And the tax will be applicable according to the law which has a threshold of $44,250. Above this threshold, tax will be applicable.
Lawmakers stated that we should consider Crypto Investment & win just like the lottery system, which came in the other category and also totally same tax rules applicable for crypto like we have to follow with the other income.
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