The post South Korea Sets Tax Rate for Cryptocurrencies in 2025! Here Are the Details appeared on BitcoinEthereumNews.com.

South Korea is set to impose a long-discussed 20% tax on cryptocurrency earnings starting January 2025, following the ruling Democratic Party of Korea’s (DPK) decision to move forward without further delay. South Korea to Impose 20% Crypto Tax with Higher Exemption Limit in 2025 Initially scheduled to come into effect on January 1, 2022, the crypto tax plan faced multiple postponements, first to 2023 and then to 2025, due to significant opposition from investors and industry stakeholders. Discussions of further postponements, including a proposal to postpone it to 2028, were rejected by the DPK. In a notable change, the tax exemption threshold has been increased significantly: Original limit: Earnings under 2.5 million Korean won ($1,795) were tax-free. Revised limit: Earnings under 50 million won ($35,919) will now be exempt from tax. This adjustment is expected to protect most individual investors, as few exceed this profit threshold. Recognizing the challenges posed by cryptocurrency market volatility, the amended plan includes a provision that allows taxpayers to use a percentage of the sales price as a proxy for the original purchase price in the event that purchase records are incomplete or unavailable. The Democratic Party plans to submit the revised tax plan to the National Assembly’s tax subcommittee for a vote on November 25, and then review it in the legislature’s plenary session on November 26. *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/south-korea-sets-tax-rate-for-cryptocurrencies-in-2025-here-are-the-details/

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Filed under: News - @ November 20, 2024 1:29 pm