South Korea’s crypto tax plan is facing another push for delay after a petition calling for a two-year postponement passed the threshold for a formal parliamentary review. The petition recently collected more than 50,000 valid signatures, enough to trigger the legislative review process in the National Assembly’s electronic petition system.
Under the current plan, South Korea is set to begin taxing gains from crypto assets on Jan. 1, 2027. The effective tax rate is 22%, made up of a 20% base tax and a 2% local tax. Tax would apply to the portion of annual digital-asset gains exceeding 2.5 million won, covering profits tied to the sale, transfer and lending of crypto assets.
The measure was first proposed in 2022 and has already been delayed three times. Even so, the South Korean government is still holding to the current implementation schedule. The National Tax Service is expected to release detailed taxation standards later this year.
Investors in South Korea are pushing to delay the country’s crypto tax plan once again. A petition seeking a two-year postponement recently gathered more than 50,000 valid signatures, meeting the threshold required to trigger a legislative review through the National Assembly’s electronic petition system.
Petition moves into parliamentary review
The petition calls for the planned crypto tax to be pushed back by another two years. After passing 50,000 valid signatures, it formally entered the stage that allows a legislative review in parliament.
Current tax plan still points to a 2027 start
South Korea is currently scheduled to start taxing gains from crypto assets on Jan. 1, 2027. The effective tax rate is 22%, consisting of a 20% base tax and a 2% local tax.
Under the plan, tax would apply to the portion of annual digital-asset gains above 2.5 million won. The scope covers crypto-asset sales, transfers and lending.
Plan has already been postponed three times
The crypto tax proposal was first introduced in 2022 and has already been delayed three times. Even so, the government is still sticking to the current timetable. South Korea’s National Tax Service is expected to announce detailed taxation standards later this year.
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