South Korean government considers delaying implementation of virtual currency taxation until early 2024

On March 18, the presidential transition council of South Korean President-elect Yoon Seok-hye was considering delaying the implementation of the virtual currency tax by another year until early 2024.

This is because the ruling and opposition parties generally believe that market rules must be established before a virtual currency tax can be implemented. The South Korean government had planned to impose a 22% tax on income from virtual currency transfers of more than 2.5 million won a year starting in January this year.

However, the ruling and opposition parties said at the end of November last year before the general election that "the taxation system has not yet been formed" and reached an agreement to delay the collection of virtual currency taxes for one year (until 2023). The Presidential Transition Council is considering an extension for another year.

Source: BITCOIN86