The National Assembly of South Korea has adopted an amendment to the legislation that provides forintroductiontaxation of cryptocurrencies from January 1, 2023. CoinDesk reports.
The government planned to levy a 20% tax on profits from trading virtual assets in excess of 2.5 million won (~ $ 2,118) from January 1, 2022.
Despite citizens' support for the government's plans, parliamentarians from the ruling Toburo Democratic Party spoke out in September in favor of a one-year postponement.
In October, representatives of the People's Power opposition party made a similar proposal. The parliamentarians explained their position by the unpreparedness of the fiscal infrastructure to introduce the tax.
Government beat back attempts by lawmakersto approve a deferral, but at the end of November, the National Assembly's profile committee voted in favor of a bipartisan amendment that postpones the introduction of taxation for a year. Parliament supported the proposal.
South Korean authorities have hinted at a possible tax on transactions with non-fungible tokens, although they previously argued that NFTs do not fall under the definition of virtual assets.
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