20% tax on profits from digital asset transactions in excess of 2.5 million won per year to be levied in the country from January 1, 2023
The South Korean National Assembly has approved an amendment to the country’s legislation that postpones the introduction of income tax on cryptocurrency trading by a year, Coindesk Korea reports .
According to the publication, a 20 percent tax on profits from trading digital assets in excess of 2.5 million won ($ 2.1 thousand) per year will begin to be levied in South Korea from January 1, 2023.
The plans of the South Korean authorities to introduce taxation for operations with cryptocurrencies became known in July.
It was originally planned that the country would begin to levy taxes on profits from trading digital assets from October 1. Then the introduction of taxation was postponed to January 1, 2022.
In late November, it became known that the Financial Services Commission of South Korea (FSC) from next year will begin to tax transactions with non-fungible tokens (NFT). Tokens will be taxed in accordance with the pre-existing taxation rules for virtual assets.
