S. Korea to Seek 2-Year Delay in Tax on Cryptocurrency Gains
9 Articles
9 Articles
The government officially announced that it is pushing to postpone the income tax on virtual assets, which was scheduled to take effect next January, for two years. Criticism is mounting that the government and ruling party are acting irresponsibly and violating tax equity by delaying the tax for the fourth time just two months before implementation. On the 5th, Deputy Prime Minister and Minister of Finance and Economy Lee Hyung-il [at the Gover…
연합뉴스-Yonhap News Agency
korean-vibe.com(URGENT) S. Korea to seek 2-year delay in taxation of cryptocurrency gains
The government has postponed the implementation of virtual asset taxation by an additional two years, pushing it back to January 2029. While the government cited the establishment of an information exchange system with the United States as the justification, controversy is intensifying over issues such as declining policy credibility due to repeated postponements, loss carryforward deductions, and tax equity with stock investors.
According to Yonhap News Agency, South Korean Finance Minister Lee Hyoung-il stated that the government plans to postpone the implementation of a cryptocurrency income tax, originally scheduled for 2027, by two years to 2029, and will consult with the National Assembly to advance related legislation. The South Korean government explained that South Korea plans to begin exchanging virtual asset tax information with the United States in 2029, and …
South Korea is postponing the digital asset income tax for two years, until January 1, 2029; a three-year loss offset and a joint tax working group are included in the package.
The income tax on virtual assets, originally scheduled to take effect next January, has been postponed for another two years. This comes just one day after the ruling Democratic Party of Korea officially requested the postponement from the government. This marks the fourth postponement since the system was introduced with the goal of initial implementation in 2022. Deputy Prime Minister and Minister of Finance and Economy Lee Hyung-il held a br…
Coverage Details
Bias Distribution
- 67% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
