Politics
Opponent Political Party Proposes One Year Delay To Enact South Korea’s Cryptocurrency Tax Law
The opposition party in South Korea wants to postpone cryptocurrency tax rules until January 1, 2023.
The People’s Power Party, an opposition party in South Korea, has proposed a one-year postponement of tax rules on digital asset trading. Lawmakers are also planning to revise the interest rate, suggesting that investors making profits above $ 42,000 must pay 20%, while the original law taxes profits above $ 2,900.
I’m not ready for this.
According to current proposals, South Korea will begin taxing profits from cryptocurrency trading from January 1, 2022. Hong Namkhi, the country’s finance minister, even called the change “inevitable“.
However, the People’s Power Party of South Korea has its objections. The korea herald reported Legislators in this party plan to propose a bill that would allow them to postpone tax rules until January 1, 2023. Rep. Cho Myung Hee, a member of the opposition, explained:
“It is wrong to first levy taxes at a time when the legal definition of virtual currency is ambiguous. The intention is to ease the tax base to the level of income tax on financial investments so that virtual currency investors are not disadvantaged. “
Politicians will also push for a change in the tax rate. While financial regulators will topple all South Koreans who earn more than $ 2,900 from 20%, the People’s Power Party intends to raise that cap for people with profits from $ 42,000 to $ 251,000. Those with income above $ 251,000 will have to pay 25%.
However, Finance Minister Hong Namkhi again disagreed with this idea:
“It is difficult to defer the taxation of virtual assets in terms of policy credibility and legal stability.”
The Democratic Party also wants a respite.
Importantly, South Korea’s ruling Democratic Party has also tried to delay the introduction of tax rules. As CryptoPotato reports, lawmakers recently passed legislation that could even completely suspend the law. At the time, Democratic Party member Noh Woon Rei argued that the East Asian country did not have a well-thought-out plan to implement the tax procedure:
“In a situation where the relevant tax infrastructure is not sufficiently prepared, the postponement of taxation of virtual assets is no longer an option, but an inevitable situation.”
Woon-Rae added that Treasury’s policy on taxing businesses with digital assets will not work as planned. He explained that it is difficult to ensure proper taxation of overseas transactions with cryptocurrencies or peer-to-peer (P2P) transactions.
A source: CryptoPotato
Author: Neidson Soares
Discovered this universe of cryptoassets in 2016 and has been intensifying the search for knowledge in this area since 2017. Today he works professionally with his wife in the crypto market. Bachelor’s degree in blockchain, cryptocurrency and finance in the digital age.
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Yesterday, financial agents evaluated the opposite decision of the Federal Supreme Court (STF) regarding the so-called secret budget. In addition, a decision was made by STF Minister Gilmar Méndez to issue an injunction that would exclude the Bolsa Família from the spending cap rule, with investors trying to understand how this measure would affect the processing of the transitional PEC in the Chamber of Deputies. Oh this PEC!!!!
Since he is an exchange investor, any reading that the budget will be exceeded or become more flexible will negatively affect the exchange market, whether through the PEC or in any other way. We will continue with volatility today.
Looking beyond, the US Central Bank (Fed), although slowing down the pace of monetary tightening at its December meeting, issued a tougher-than-expected statement warning that its fight against inflation was not yet over, raising fears that rising US interest rates will push the world’s largest economy into recession.
The currency market continues to react to political news. The voting on the PEC is saved for today. It is expected that it will indeed be reviewed to open the way tomorrow for discussions on the 2023 budget.
For today on the calendar we will have an index of consumer confidence in the eurozone. Good luck and good luck in business!!
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The former president of the Corinthians dreams of working for the CBF as a national team coordinator. He was consulted shortly after Lula’s election.
Former Corinthians president Andrés Sánchez was advised to take a position in the Ministry of Sports under the administration of Lula (PT). However, he ruled out a return to politics. dreams of taking over the coordination of CBF selectionHow do you know PURPOSE.
No formal invitation was made to the former Corinthian representative, only a consultation on a portfolio opportunity with the new federal government, which will be sworn in on January 1, 2023.
Andrés was the Federal MP for São Paulo from 2015 to 2019. At that time he was elected by the Workers’ Party. However, the football manager begs to stay in the sport, ruling out the possibility of getting involved in politics again.
Andrés Sanchez’s desire is to fill the position of CBF tackle coordinator, which should become vacant after the 2022 World Cup. Juninho Paulista fulfills this function in Brazil’s top football institution.
The former president of Corinthians was in Qatar to follow the World Cup along with other figures in Brazilian football. During his time in the country, he strengthened his ties with the top leadership of the CBF.
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The agreement was approved by a supermajority at a ministerial meeting of member states in Brussels, Belgium, after months of discussions about the best way to contain the rise in natural gas prices in the bloc caused by Russia’s invasion of Ukraine. .
The value set by the countries is well below the proposal made by the European Commission, the EU’s executive body, in November: 275 EUR/MWh. However, the countries leading the cap campaign were in favor of an even lower limit, around 100 EUR/MWh.
Germany, always wary of price controls, voted in favor of 180 euros, while Austria and the Netherlands, also skeptical of the cap, abstained. Hungary, the most pro-Russian country in the EU, voted against.
The instrument will enter into force on 15 February, but only if natural gas prices on the Amsterdam Stock Exchange exceed 180 euros/MWh for three consecutive days. In addition, the difference compared to a number of global benchmarks should be more than 35 euros.
Italy, the EU’s biggest supporter of the ceiling, has claimed responsibility for the measure. “This is a victory for Italy, which believed and worked for us to reach this agreement,” Environment and Energy Minister Gilberto Picetto tweeted.
“This is a victory for Italian and European citizens who demand energy security,” he added.
Currently, the gas price in Amsterdam is around 110 EUR/MWh, which is already a reflection of the agreement in Brussels – in August the figure even broke the barrier of 340 EUR/MWh.
However, Russia has already threatened to stop exports to countries that adhere to the ceiling. (ANSA).
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