South Korean lawmaker proposes 2-year delay to crypto tax

A South Korean lawmaker has proposed a bill to delay the implementation of virtual asset taxation by two years, raise the basic deduction to 50000000 won, and allow investment losses to be carried forward for five years. Rep. Choi Eun-seok of the People Power Party introduced a partial amendment to the Income Tax Act on Oct. 27. Choi argued that the revision is necessary as capital gains from on-exchange trades in domestically listed stocks by ordinary retail investors are not taxed after the repeal of the financial investment income tax. He noted that applying a 2500000 won annual basic deduction to digital assets could create tax equity issues across investment assets. Choi also highlighted the volatility of digital assets and the lack of carryforward deductions for current losses.

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