Bitcoin Magazine South Korea Pushes 22% Crypto Tax to 2029 in Fourth Delay, Offers Three-Year Loss Carryforward
South Korea’s government plans to push back its tax on cryptocurrency gains by another two years to 2029, Finance and Economy Minister Lee Hyeong-il said Thursday, in what would be the fourth delay since the levy was written into law.
The tax is scheduled to take effect in January. To postpone it, the National Assembly must amend the Income Tax Act before then, and Lee said the government would seek lawmakers’ approval during this year’s regular session.
“It weighs heavily on me to propose another delay after the tax has already been postponed three times,” Lee said at a press briefing in Seoul.
Korea legislated the tax in 2020 for a 2022 start. It was then pushed to 2023, 2025 and 2027 as officials conceded that tax systems and investor protections were not ready.
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