El impuesto a las transacciones criptográficas de Corea del Sur puede posponerse hasta 2023
South Korea's ruling party intends to postpone the decision on the entry into force of a tax on revenue derived from deals involving cryptocurrencies.
Starting January 1, 2022, South Korea will introduce a 20% tax on revenue from cryptocurrency businesses above 2.5 million won (about $2,100). Previously, they were repeatedly "frightened" of local and foreign investors, however, now the final decision is in question.
Since yesterday, information has also begun to appear in the local media that the ruling party will oppose the decision of the South Korean Ministry of Finance. Officials say that it will now be difficult to comply with the law, providing the necessary data to pay taxes on financial transactions carried out within the framework of cryptocurrency exchanges and other P2P transactions.
One of the members of the Liberal Democratic Party of South Korea, Noh Woong-rae said that the postponement of the new tax legislation is not "an option", but rather "an inevitable situation." According to him, the decision to enact this law will be delayed until at least 2023.
But Woong-rae clarified that the country is in a situation where the tax base is simply not ready for the proposed taxation of a new asset class. But he and others in the party intend to enlist the support of the National Assembly of the Republic of Korea to avoid undermining confidence in the government by the urgent introduction of a new tax and to prevent the promotion of tax evasion by creating so-called tax blind spots. organs.
The postponement proposal is under consideration today and should be accepted until October 1 of this year. Although Hong Nam-ki still considers the decision to delay the adoption of the tax on transactions with digital currencies inappropriate. He stated that the proposed regulatory aspects regarding cryptocurrencies will enter into force on January 1, 2022, regardless of the wishes of the ruling party. How true his forecast will turn out to be is still unknown.
Meanwhile, about 70% of cryptocurrency exchanges still cannot register with the South Korean financial regulator, so they risk closing after the deadline for applying September 23rd. At the same time, many of them refused to follow the advice of the regulator, which offered to announce to investors about the possible closure today to prevent panic in the market.
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