Express
South Korean Industry Group Asks Seoul To Suspend Crypto Taxes Until 2023
Summary: The Korea Blockchain Association (KBA) has urged the South Korean government to postpone plans to start imposing tax on crypto trading profits from October 2021 – stating that it seems unlikely that the required infrastructure will be in place in time. KBA suggested pushing back the tax plans until January 2023 – when a new ...
The Korea Blockchain Association (KBA) has urged the South Korean government to postpone plans to start imposing tax on crypto trading profits from October 2021 – stating that it seems unlikely that the required infrastructure will be in place in time.
KBA suggested pushing back the tax plans until January 2023 – when a new set of capital gains tax rules pertaining to stocks and securities transfers comes into force.
Parliament has already approved the new tax measures, which will be promulgated in October next year unless the government decides to intervene. The new measures will require crypto exchanges and brokerages to tax at source in many cases, and provide transaction data to regulators at others. But the KBA said that it is unreasonable to expect South Korean crypto exchanges to have the required systems and protocols in place in less than a year’s time.
By Amy Liu
Tags: Crypto,South Korean,Suspend,Taxes
Link: South Korean Industry Group Asks Seoul To Suspend Crypto Taxes Until 2023 [Copy]
