Opposition lawmakers are seeking a one-year delay in the enactment of the law as well as a lowering of the tax burden on crypto traders.
Lawmakers belonging to South Korea’s opposition People Power Party have prepared a fresh challenge to the planned crypto tax law.According to The Korea Herald, opposition lawmakers are advocating for a one-year extension to the start of crypto taxation in the country.As previously reported by Cointelegraph, South Korea’s crypto tax regime that will see the imposition of a 20% levy on cryptocurrency gains above 2.5 million Korean won ($2,100) will come into effect in 2022.Apart from the one-year delay, the lawmakers are also pushing for a tiered tax levy for crypto that is in line with the Financial Investment Income Tax regime set to be implemented in 2023.Under the legislative proposal, instead of the government’s 20% flat rate on profits above $2,100, the lawmakers have suggested 20
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