No deferral on taxation law, South Korea to tax crypto gains 2022 onwards
As the laws are getting stricter in South Korea, tax filings in the country will also include crypto earnings from 1 January 2022, as per local reports. Earlier, South Korean authorities were mulling over postponing the tax code until 1 January 2023.
Going forward, virtual assets will attract a 20% income tax on transfer gains. But it will exclude a minimum taxable amount of 2.5 million won. For example, a profit of 3.5 million won by buying and selling cryptocurrencies in 2022 will attract a 20% tax on 1 million won i.e a tax of 200,000 won. It will have to be reported in the following year.
