South Korea is set to introduce a 22% tax on income from crypto staking and lending starting January 1, 2027. The tax will apply to income exceeding a basic deduction of ₩2.5 million ($1,800), with a 20% base tax and an additional 2% local surcharge. This move comes as the National Tax Service finalizes research on the taxation of virtual assets, aiming to align crypto income with other taxable income sources.
The proposal has sparked public debate, leading to a petition against the tax that garnered over 50,000 signatures, prompting a mandatory review by the National Assembly's Finance and Economic Planning Committee. Despite public pushback, the government remains committed to the tax plan, which seeks to address the unique nature of crypto assets, including their volatility and the complexities of decentralized finance.
South Korea to Implement 22% Tax on Crypto Staking and Lending by 2027
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