Lawmakers belonging to South Korea’s opposition People Power Party have prepared a fresh challenge to the planned crypto tax law.
According to The Korea Herald, opposition lawmakers are advocating for a one-year extension to the start of crypto taxation in the country.
As previously reported by Cointelegraph, South Korea’s crypto tax regime that will see the imposition of a 20% levy on cryptocurrency gains above 2.5 million Korean won ($2,100) will come into effect in 2022.
Apart from the one-year delay, the lawmakers are also pushing for a tiered tax levy for crypto that is in line with the Financial Investment Income Tax regime set to be implemented in 2023.
Under the legislative proposal, instead of the government’s 20% flat rate on profits above $2,100, the lawmakers have suggested