South Korean opposition party wants to suspend Crypto Tax law

Members of the People Power Party are working hard to put the South Korean Crypto Tax law on ice.

The lawmakers are attempting to delay the implementation of a contentious tax on income from cryptocurrency investments, which is set to begin on January 1, 2022.

Local news media, The Korea Herald, reports that the opposition policymakers are pushing for the bill to be delayed by one year. 

Furthermore, the statesmen have taken a stance against the tax rate, pegged at 20% for every 2.5 million Korean won.

Instead, they are suggesting a 20% tax rate for profits between 30-50 million ($42,000 to $251,000) and 25% for gains above 300 million won.  

Crypto tax

Representative Cho Myoung-hee believes “it is not right” to levy taxes on digital currencies because they are not defined under the law yet.

According to Myoung-hee, the plan is to ease the tax burden on investors in accordance with the Financial Investment Income tax bill, which will become effective in 2023.

The parliament is also discussing two other potential amendments, but the government is resolved to proceed with its initial plan of imposing the Crypto Tax in January.

During a meeting with lawmakers last Wednesday, Finance Minister Hong Nam-ki argued that it would be “difficult” to suspend the tax

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