South Korea’s crypto tax is getting delayed again.
This is the fourth time.
It’s even more drawn-out than my weight-loss plan.
On November 4, South Korea’s ruling Democratic Party formally proposed to the government that the crypto tax, originally scheduled to take effect in January 2027, be pushed back again. The party’s mainstream view is to delay it by about two years—to 2029.
Under current law, after deducting 2.5 million won from your annual crypto gains, you have to pay 20% on the amount above that. With local taxes included, the total comes to 22%.
This tax was written into law at the end of 2020 and was originally set to take effect in 2022. It’s been delayed three times since then, and this would be the fourth.
There are three reasons for the delay:
1️⃣ The overseas transaction information-sharing system, CARF, won’t be fully operational until 2029. For now, they can’t find out how much you’ve earned on overseas exchanges.
2️⃣ The Digital Asset Basic Act hasn’t been enacted yet.
3️⃣ The National Tax Service and exchanges still need to test their data systems in practice.
The Democratic Party itself says this isn’t a special concession, but a matter of “fair taxation.”
Keep in mind, this is only a proposal. It won’t count unless the National Assembly amends the law. Finance Minister Lee Hyeong-il supports starting the tax on schedule, while industry groups representing exchanges want it delayed.
With an account like mine, even when the tax kicks in, after the 2.5 million won tax-free allowance, I’ll probably still have nothing to report.
Tax office: It’s not that we’re not taxing you—you just haven’t made any money yet 😂
$SKHY #韩国执政党党首寻求推迟加密税
$BTC
This is the fourth time.
It’s even more drawn-out than my weight-loss plan.
On November 4, South Korea’s ruling Democratic Party formally proposed to the government that the crypto tax, originally scheduled to take effect in January 2027, be pushed back again. The party’s mainstream view is to delay it by about two years—to 2029.
Under current law, after deducting 2.5 million won from your annual crypto gains, you have to pay 20% on the amount above that. With local taxes included, the total comes to 22%.
This tax was written into law at the end of 2020 and was originally set to take effect in 2022. It’s been delayed three times since then, and this would be the fourth.
There are three reasons for the delay:
1️⃣ The overseas transaction information-sharing system, CARF, won’t be fully operational until 2029. For now, they can’t find out how much you’ve earned on overseas exchanges.
2️⃣ The Digital Asset Basic Act hasn’t been enacted yet.
3️⃣ The National Tax Service and exchanges still need to test their data systems in practice.
The Democratic Party itself says this isn’t a special concession, but a matter of “fair taxation.”
Keep in mind, this is only a proposal. It won’t count unless the National Assembly amends the law. Finance Minister Lee Hyeong-il supports starting the tax on schedule, while industry groups representing exchanges want it delayed.
With an account like mine, even when the tax kicks in, after the 2.5 million won tax-free allowance, I’ll probably still have nothing to report.
Tax office: It’s not that we’re not taxing you—you just haven’t made any money yet 😂
$SKHY #韩国执政党党首寻求推迟加密税
$BTC
