South Korean Lawmakers Propose Bill To Abolish 22% Upcoming Crypto Tax
South Korea's opposition People Power Party (PPP) has proposed a bill to abolish the upcoming 20% income tax (up to 22% with local taxes) on crypto assets, scheduled to take effect in 2027. The party argues that classifying crypto as a commodity, similar to recent US regulatory guidance, makes its taxation under the current system inappropriate and could lead to double taxation. They also raised concerns about fairness, consistency, and administrative challenges. The ruling Democratic Party of Korea (DPK), which had previously supported the tax with a higher deduction limit, has agreed to review the amendment but noted it had not been previously discussed and that their stance had been to proceed with the existing policy.
bitcoinist03/20 12:32
