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Заголовок Cryptocurrency Tax Postponed! South Korea Extends Breathing Room To 2027
Дата 20241203

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Cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта Tax Postponed! South Korea• Республика Корея Extends Breathing Room To 2027

Cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта Tax Postponed! South Korea• Республика Корея Extends Breathing Room To 2027

by Christian Encila

3 minutes ago

in Crypto News

0

Cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта firms in South Korea• Республика Корея would have some breathing room before they
start paying capital gains tax as the government decided to delay its
implementation by two years.

South Korean• Республика Корея legislators agreed not to impose the crypto taxation policy next
year, moving its implementation to 2027.

Related Reading: Michael Saylor’s Thanksgiving: A Crypto Feast Featuring
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin-Topped Turkey

Delaying Cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта Tax Policy

For the second time, South Korean• Республика Корея authorities announced that the capital gains
tax on cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта which was set to be introduced in January 2025 will
not be pushed through.

The current political situation in the Asian country made it difficult to
implement it next year and must be deferred until 2027.

The Democratic Party of Korea floor leader Park Chan-dae said on Sunday that
they have reached an agreement to postpone the taxes on profits from
cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта trades.

We have decided to agree to a two-year moratorium on the implementation of
the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта taxation proposed by the government and ruling party,” Park
said about the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта taxation set to come into effect in January
2025.

The two-year suspension was agreed upon despite reports saying that KDP and
the ruling People’s Power Party have struck a political deal that is more
inclined to a looser approach to taxing crypto gains.

Earlier, the People’s Power Party proposed to delay the new crypto taxation
until January 2028.

Increase Tax-Deductibles

Previously, the Democratic Party opposed the tax moratorium and offered an
alternative of increasing the tax deductibles.

Under its initial proposal, the legislators suggested to hike the
tax-deductible from the threshold of 2.5 million won to 50 million won, with
the goal of implementing the law without any delay.

As of today, the market cap of cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта stood at $3.37 trillion.
Chart: TradingView

However, on Sunday, the party concurred with other South Korean• Республика Корея lawmakers to
move the implementation date.

Meanwhile, Park made it clear that their party would not agree on the
government’s legislative measures on inheritance and gift tax bills that would
benefit the super wealthy.”

The South Korean• Республика Корея government wanted to reform the country’s inheritance tax law
that would impose a lower tax rate of 50% to 40% while increasing the
deduction thresholds for children inheriting from parents.

Image: Freeman Law

Assessing The Law’s Impact

Park said that delaying the introduction of the law by two years would give
the South Korean• Республика Корея government legislators ample time to evaluate what will be
the impact of imposing taxes on profits earned from digital assets.

Related Reading: Shiba Inu Christmas Countdown: What Big News Is Coming For
The Holidays?

Likewise, crypto traders will still have two more years to prepare before
being charged on the income they earned from virtual currency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта trading.

Once implemented, South Korean• Республика Корея cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта investors will have to pay a 20%
capital gains tax from trading in digital assets.

The South Korean• Республика Корея government aimed to implement a crypto tax in 2021 but was
delayed until 2023 for fear of its adverse effect on the local cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
market.

The projected 2023 implementation was later postponed and was supposed to be
imposed in January next year. But once again the timeline has been moved
further to 2027.

Featured image from DALL-E, chart from TradingView

============= Итог: 2,6650 ; Экономика#Финансы#Платежные средства#Платежные системы интернета #Криптовалюта#Bitcoin 3,0000 ; Республика Корея

============= Географические объекты: 1 36.516666667,127.800000000 Республика Корея


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