South Korean Congress reportedly proposed to postpone the entry into force of the cryptocurrency income tax rule by three months to January 2022.
According to a report by South Korean media The Dong-a Ilbo, the National Assembly’s Planning and Finance Committee recently released a report on Wednesday recommending that implementation of the crypto income tax rules be considered from at least January 1, 2022 pull.
South Korean Amended it’s Tax Code in July This Year
The South Korean Ministry of the Economy and Finance revised its tax law in July this year and finalized a plan to impose a 20% tax on residents on the proceeds of crypto transactions valued at more than 2.5 million won (approx. Dollars).
The government’s plan must be approved by members of the National Assembly, which is trying to implement the crypto income tax rules from October 2021.
The Dong-a Ilbo reported that the reason the National Assembly was considering postponing the effective date of the rule was because of concerns from local cryptocurrency exchanges that they did not have enough time to put in place proper tax reporting infrastructure.
According to the report, the approved “Law on Specific Financial Information” will be implemented in March next year, and cryptocurrency exchanges will have to complete a reporting system by September 2021. The system has a system for depositing and withdrawing accounts. actual name.
The report added that the National Assembly’s Taxes Subcommittee is expected to decide next week on the specific tax time.