After a delay in plans to implement taxation, the government in South Korea – the Democratic Party of Korea (DPK) – will move ahead with the enforcement of a 20% crypto tax. This hike was originally planned for January 2022, but the plans faced criticism from industry experts and investors which caused it to be halted. Now, the government hopes to process the necessary legislation on November 26 which would see people in South Korea having to pay income tax on their crypto profits from 2025. The tax committee vote will commence on November 25, followed by the Assembly’s final vote the next day. With the back-and-forth, some rumors suggested the tax wouldn’t be implemented until 2028 but this has now all been changed as the government makes advances. Crypto tax in South Korea could be implemented for 2025 The decision will include the taxing of any realized or unrealized gains over 2.5 million won (roughly $1,791) as this will be included in a person’s taxable income for each year.
Comment on South Korea will go ahead with plans for 20% crypto tax for 2025
Sophie Atkinson, ReadWriteWeb
Wed, 11/20/2024 - 5:18am
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