South Korea Delays Plans to Tax Crypto to 2023

South Korea is delaying plans to tax cryptocurrency gains, according to Coindesk Korea.

South Korea’s government officials are delaying plans to impose the country’s first capital gains tax on cryptocurrency trading. The country’s National Tax Agency said it was not yet time to enforce the new law, which would require investors to pay taxes on their crypto trades.

The proposed tax would have levied a 20% tax on crypto gains made in a one-year period over KRW 2.5 million (US$2,122), starting Jan. 1, 2022.

Stocks investors would only pay taxes for gains over KRW 50 million (US$42,450), whereas crypto investors would have to start paying when they reach $2,122 in capital gains, Kim said. In addition, investors could carry over stock losses for five years but could not carry over crypto losses at all. On top of that, the virtual assets tax was set to come into effect a year ahead of the stock gains tax, according to the KBA director.


Source: South Korea Delays Plans to Tax Crypto to 2023 (coindesk.com)

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