There is another policy in which the government and the ruling party have different views. Starting next year, if you earn more than a certain amount of money with virtual currency, you will have to pay tax, but the ruling party is insisting that it be delayed for one year, and the government is in the position to implement it as scheduled.
Reporter Hoon-Kyung Jang will tell you about this.
next year, virtual currency investors will have to pay 22% of the excess income as tax if their annual income exceeds 2.5 million won.
While cryptocurrency income is viewed as other income such as lottery winnings, the Democrats are calling for a higher taxation by classifying it as financial income such as stock investment income.
The basic deduction for listed stocks is 50 million won, and if you make 100 million won, the tax is 11 million won, but virtual assets are twice as much.
In addition, the 'travel rule', which requires operators to understand the sender's and recipient's information when transferring virtual currency, will come into effect in March next year, and there are only two exchanges that have reported and accepted the information to the Financial Intelligence Service. I suggest.
[Kim Byung-wook / National Assembly Political Affairs Committee, ruling party secretary: It is also our reality that we are not fully prepared for the 'travel rule'. I think taxation should be deferred for more than one year.] The
possibility of hiding virtual currency investment through P2P transactions between individuals is also raised as a reason for the tax deferral.
However, the government is in a position to tax the tax from next year as scheduled.
The US, Japan, and UK have already paid taxes, and there is no problem with equity as the taxation standards for virtual assets are similar to overseas and unlisted stocks.
In addition, he emphasizes that travel rules and taxation are not directly related to each other and that a management system has already been established as each exchange obtains member consent and sends a transaction statement to the National Tax Service.
Politicians are sensitive to the votes of people in their 20s and 30s ahead of next year's presidential election.
Deputy Prime Minister Hong Nam-ki's decision to defer taxation has been put to the test again.
(Video coverage: Kim Seung-tae, Video editing: Lee Seung-jin)Keywords: