CORRECTION (Jan. 7, 17:37 UTC): This article previously cited a report that incorrectly stated South Korea’s crypto taxation plans were expected for 2023, a year behind schedule. As confirmed by CoinDesk Korea, the new tax regime is still expected for 2022.
South Korea’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 CoinDesk Korea.
- 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 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 deadline.
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