South Korea’s government will start taxing cryptocurrency gains over a year later than originally planned.
- The nation's Ministry of Economy and Finance said Wednesday it has finalized a legal amendment after tax rules were revised in 2020, according to a report from AsiaToday.
- According to a legislative notice, the amendment is now to be implemented within a month, pending final meetings by vice ministers and South Korea's Cabinet.
- The Ministry said cryptocurrency users will face a 20% tax on profits over 50 million South Korean won (US$45,685).
- The tax rate will rise to 25% if the gains are over 300 million won ($273,950).
- The new date buys more time for the cryptocurrency industry in South Korea. The tax had been slated for implementation in October 2021, but was last being pushed forward to January 2022, according to an earlier report.
- The National Assembly said in November that more time was needed to build the relevant tax infrastructure after cryptocurrency exchanges indicated they would struggle to meet the earlier the deadline.
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