South Korea is postponing the implementation planned taxes on crypto earnings once more. The country’s 2022 tax reform plan which was announced on Thursday by government officials, included a two-year delay of initial plans.
The tax reform plan will push back the taxation on income from virtual assets and income from the “transfer or lending of virtual assets” to 2025, after it previously been put in the waiting room until 2023.
Mechanics of the plans have not changed, a 20% tax on crypto income exceeding KRW 2.5 million ($1,900) in a one-year period, sticks.