The South Korean government has purportedly deferred the twenty percent tax on virtual asset gains by 2 years. The controversial twenty percent tax on virtual currency gains was supposed to come into effect from 1st January, next year, but now has been postponed to 2025.
The government officials declared their new tax reform plans on 21st July, postponing the virtual currency tax policy to 2025, quoting stagnant market conditions and the time required for the preparation of investor protection measures. The initial plans of imposing an additional twenty percent tax on digital currency gains exceeding two and a half million won (approximately nineteen hundred dollars) in a 1-year period remain unchanged.
The controversial twenty percent digital currency tax has now been deferred for the 2nd time since it was first declared in the month of January, last year. Initially, the tax was supposed to be introduced by the month of January, this year. However, lawmakers in the nation deferred it to next year, and now it has been delayed by two more years.
Notably, a leaked report in the month of May this year suggested that the newly elected president is working to introduce the Digital Asset Basic Act (DABA) by early next year. The regulations would be focused on non fungible tokens and initial coin offerings, expanding infrastructure and supporting CBDC research.
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