South Korea postpones proposed crypto-taxation policy to next year

Consider this – A while back, officials in South Korea announced their intention to tax crypto transactions to the tune of 20%. In fact, such was the conviction that South Korea’s Finance Minister Hong Nam-ki denied all requests for any delays in the National Assembly.

As per the proposals, the gains from crypto-transactions would be categorized under “miscellaneous income,” with the same subject to a new tax rate.

However, looks like the tables have turned. Well, at least for now.

According to local reports, South Korean authorities intend to delay the upcoming taxation policy of digital assets. The existing tax codes have been postponed until 1 January 2023 as authorities need more time taxing tokens due to the lack of proper infrastructure.

For instance, Noh Woong-rae, a member of the ruling Democratic Party, believes that the country does not have a well-designed plan to implement the taxing procedure. Delaying the initiative, ergo, is “inevitable.”

Source : ambcrypto.com