{"id":107712,"date":"2021-01-07T19:48:32","date_gmt":"2021-01-07T19:48:32","guid":{"rendered":"https:\/\/precoinnews.com\/?p=107712"},"modified":"2021-01-07T19:48:32","modified_gmt":"2021-01-07T19:48:32","slug":"south-koreas-20-crypto-tax-still-on-track-for-2022-report","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/south-koreas-20-crypto-tax-still-on-track-for-2022-report\/","title":{"rendered":"South Korea&#x27;s 20% Crypto Tax Still on Track for 2022: Report"},"content":{"rendered":"<p><em><strong>CORRECTION (Jan. 7, 17:37 UTC):<\/strong> This article previously cited a report that incorrectly stated South Korea\u2019s 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.<\/em><\/p>\n<p>South Korea\u2019s 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.<\/p>\n<ul>\n<li>According to a legislative notice, the amendment is now to be implemented within a month, pending final meetings by vice ministers and South Korea&#8217;s Cabinet.<\/li>\n<li>The Ministry said cryptocurrency users will face a 20% tax on profits over 50 million South Korean won (US$45,685).<\/li>\n<li>The tax rate will rise to 25% if the gains are over 300 million won ($273,950).\u00a0<\/li>\n<li>The tax had been slated for implementation in October 2021, but was last being pushed forward to January 2022, according to an earlier report. <\/li>\n<li>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.<\/li>\n<\/ul>\n<p>Source: <a href=\"https:\/\/www.coindesk.com\/south-koreas-20-crypto-tax-now-coming-in-2023-report\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORRECTION (Jan. 7, 17:37 UTC): This article<\/p>\n","protected":false},"author":3,"featured_media":107711,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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