A group of South Korean lawmakers has challenged a crypto tax law coming into effect in 2022. The proposed tax law would impose a 20% levy on cryptocurrency gains above 2.5 million Korean won ($2,100). Opposition lawmakers are advocating for a one-year delay to the start of crypto taxation in the country. Apart from the one-year delay, the lawmakers are also pushing for a tiered tax levy for crypto that is in line with the Financial Investment Income Tax regime set to be implemented in 2023. Under the legislative proposal, instead of the government’s 20% flat rate on profits, the rate would be 20% on gains between 50 million and 300 million won ($42,000 to $251,000) and 25% on profits above 300 million won.
CH-019269 (Webpage Portal) 2021-10-11 (Published) 2021-10-15 (Updated)