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South Korea’s crypto tax code will be implemented next year, says finance minister

Minister Hong Nam-ki expressed his opposition to the proposed postponement and wants the crypto tax code to take into effect as originally planned.

Image by: Wikimedia Commons

Mon, 20 Sep 2021, 08:03 am UTC

South Korea’s crypto tax code will come into effect by next year. The country’s finance ministry said that the implementation of the new tax code will push through as planned despite moves made by the majority Democratic Party to have it postponed until 2023.

South Korean Minister of Strategy and Finance Hong Nam-ki said that the crypto tax code will come into effect on Jan. 1, 2022, Cointelegraph reported. Under the new code, the government will impose a 20 percent tax on income derived from crypto transactions above 2.5 million Korean won (around $2,100).

Earlier this month, the Democratic Party announced plans to move the implementation of the crypto tax law from 2022 to 2023. A representative of the ruling party pointed out the difficulty of securing data to be used for taxes on crypto exchanges and P2P transactions.

“In a situation where the relevant taxation infrastructure is not sufficiently established, the deferral of taxation on virtual assets is not an option, but an inevitable situation,” Noh Woong-rae said. The lawmaker is a member of the Democratic Party of Korea, which holds a slim majority in South Korea’s National Assembly.

However, Minister Hong Nam-ki expressed his opposition to the proposed postponement and wants the crypto tax code to take into effect as originally planned. During a National Assembly session on September 15, the finance minister expressed his opposition was asked if it is reasonable to move the implementation of the stock market capital gains tax and virtual asset tax to 2023.

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

The Democratic Party’s move could be facing an uphill battle due to Hong’s opposition. The party only holds a slim majority in South Korea’s National Assembly.

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