S.Korean president’s plan to raise crypto tax threshold hits road bump

05/13 04:45

According to Forkast, the South Korean National Assembly Research Service (NARS) asserted a 20% tax on cryptocurrency gains set for 2023 must maintain a 2.5 million won (US$1,942.20) threshold, contradicting new president Yoon Suk-yeol’s initiative to raise the limit to 50 million won. Digital asset gains need to be classified as a financial investment income and allow deduction of loss carryover, according to the NARS Current Issues and Analysis report. The report also upheld that the crypto tax start date of Jan. 1, 2023 should no longer be delayed to 2025 as the nation’s deputy prime and finance minister nominee Choo Kyung-ho suggested in early May.
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