South Korean opposition lawmaker Song Eon-seok called for the complete cancellation of the country's cryptocurrency income tax plan rather than postponing it by two years. Song argued that taxing crypto asset gains while exempting domestic stock gains would create confusion and burden investors, citing additional challenges in identifying overseas trading data and original purchase prices of crypto holdings.
The South Korean government had originally planned to impose a 22% tax on crypto asset gains starting January 1, 2027. However, the ruling party announced earlier this month that it intends to delay the implementation until 2029, marking the fourth postponement of the crypto tax plan since its initial proposal.
South Korean Opposition Lawmaker Urges Scrapping Crypto Income Tax Instead of Delaying to 2029
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