Advertisement

The new crypto tax regime in South Korea delayed until 2022

The new crypto tax regime in South Korea delayed until 2022

Quick take

1 minute read

  • The government in South Korea has just recently delayed plans to integrate a new tax regime on cryptocurrency until 2022.
  • According to a local news report, the planning and finance committee of the national assembly in South Korea passed amendments to the tax laws in the nation which meant that a new tax plan would be implemented in two years time.

The government in South Korea has just recently delayed plans to integrate a new tax regime on cryptocurrency until 2022.

According to a local news report that was published earlier this week on the 1st of December, the planning and finance committee of the national assembly in South Korea passed amendments to the tax laws in the nation which meant that a new tax plan would be implemented in two years time. Specifically, in January 2022, this regime is set to come into effect.

At the end of last month on the 25th of November, plans indicated the adoption of a cryptocurrency income tax rule to the 1st of January 2022 rather than October 2021.

As a result of this, crypto businesses in the nation will have more time to adapt to these new laws that will impact the businesses in a significant way.

There have been numerous efforts in South Korea in recent times that I requested the government to delay the integration of these new tax regimes until 2023. Even so, 2022 is still a delay that will give companies in the nation more time to plan for the future.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

You can share this post!

Advertisement