South Korean lawmakers are inundating parliament with crypto tax delay bills. The National Assembly’s financial committees are set to weigh up the values of four separate attempts to derail Seoul’s plans to levy 20% capital gains tax charges on all trading profits over an annual threshold of USD 2,100.
The government has attempted to dig its heels in on the issue, after the National Assembly green-lighted the new tax rule with a bundle of other reforms earlier in the year. Since it was accepted, however, both exchanges and private investors have raised concerns about how the tax will be implemented. Some have claimed the tax is grossly unfair, particularly as KOSDAQ stock market investors’ profit threshold is currently USD 42,000.
Last week, the Deputy Prime Minister and Finance Minister Hong Nam-ki and Kim Dae-ji, the head of the National Tax Service (NTS), were grilled separately by the National Assembly’s Planning and Finance Committee on crypto tax-related matters. Both argued that there was no way to delay the new tax (due to come