The Korea Blockchain Association has called for the government’s new 20% crypto trading tax plan to be delayed for another two years.
According to an Oct. 14 report from News1 Korea, the Korea Blockchain Association, or KBA, is requesting regulators postpone the South Korean government’s implementation of its long awaited new tax strategy until Jan. 1, 2023.
The KBA doesn’t explicitly state it is against the 20% tax rate but said that crypto exchanges and companies in the industry need a “reasonable period” to prepare for the Income Tax Act.
One of KBA’s reasons for the delay is due to a short window between regulations applying to the old tax scheme and the start of the new one. Crypto exchanges would be allowed to report on trades falling under the previous tax code until the end of September 2021. But the KBA is arguing that since Korea’s Ministry of Economy and Finance set the revised code to be enforced