According to a report from The Block, Jeong Jung-hoon, the Deputy Director of the Tax and Customs Office at the South Korean Ministry of Economy and Finance, stated at a policy briefing earlier this week that the South Korean parliament should discuss whether to include cryptocurrency gains in the plan to abolish capital gains tax on financial investments.
Local media outlet ZDNet reported on Wednesday (17th) that Jeong made the above comments in response to public inquiries about whether cryptocurrency taxes should be abolished alongside financial investment taxes. The government led by South Korean President Moon Jae-in intends to abolish taxation on financial investments such as stocks and funds to support citizens’ wealth accumulation and financial planning.
South Korea’s cryptocurrency tax system is set to take effect on January 1, 2025, and taxpayers with cryptocurrency gains exceeding 2.5 million Korean won (approximately $1,865) will be required to pay a 22% tax. The tax system for financial investment gains is also scheduled to be implemented on the same day.
It is reported that Jeong stated that the South Korean government plans to submit an amendment to the Income Tax Act regarding financial investment taxes by the end of January or early February.
The South Korean parliamentary elections are scheduled to take place on April 10, which could mean that the current legislators have only a few months left to handle the proposed amendment.
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