Finance Committee passes legislation that delays tax encryption in South Korea

Finance Committee passes legislation that delays tax encryption in South Korea

The Strategy and Finance Committee at the National Assembly passed the changes to the respective provisions during a meeting on Tuesday. The voting followed the approval of the revisions by its subcommittee on taxation during a session on Monday.

South Korean parliament is taking ways to suspend a planned tax on profits from digital asset investments for one more year. The move has been upheld by the ruling Democratic Party, in spite of conflicts with the public authority itself, just as the leading opposition People Power Party. The corrections, which likewise conceive the increment of an exception on capital gains tax for real estate in the midst of rising property costs, are seen by Korean politicians as a well known suggestion in front of the impending presidential election in March one year from now, the Korea Joongang Daily noted in a report.

The two Korean parties have agreed to postpone the adoption of a 20% tax on annual profits from investments in virtual assets exceeding 2.5 million won ($ 2,102). The government planned to introduce the tax on January 1, 2022, but the recent vote indicates that the tax will likely be suspended until 2023.

The Democratic Party has insisted that cryptocurrency investments have become very popular with young voters who are also struggling to save enough money for a house amid soaring house prices. The party also hopes that the increase in the capital gains tax exemption for owners of single-family homes that sell from a price of 900 million won to 1.2 billion won ($ 1 million) , will help increase the availability of housing on the market.

Representatives of the DP argued that the Korean tax authorities need more time to establish an appropriate tax system for investing in virtual assets. However, Finance Minister Hong Nam-ki opposed the postponement, saying “the government is ready to immediately tax virtual assets.” He nevertheless noted that the executive branch will abide by any decision of the parliament, which is expected to vote on the amendments in early December.

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