Korean government could ‘raise white flag’ on cryptocurrency tax

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Pressure is mounting on the South Korean government to backtrack on a controversial cryptocurrency tax law that will see trade profits totaling $ 2,100 annually taxed at 20%.

For Segye Ilbo, the “dominant sentiment” among analysts is that the ruling Democratic Party will try to impose a tax deferral of at least one year so as not to risk the ire of younger voters in the next elections of the year.

As previously reported, the tax is expected to take effect on January 1, 2022, just weeks before South Korea goes to the polls on March 9 to elect its next president.

same media reported that any delay movement would be “aware of the electoral behavior” of the so-called “2030 generation”: citizens residing in the city between the ages of 20 and 39. This demographic has become increasingly passionate about cryptocurrencies. But it also formed the backbone of a wave of support that toppled former President Park Geun-hye and helped incumbent President Moon Jae-in come to power with a landslide victory in 2017.

government’s refusal to move forward on the cryptocurrency tax issue sparked outrage from younger citizens, who urged the government to urgently review fiscal rules. same media reported that “postponement pressure” from political sources would likely “intensify,” leading political analysts to conclude that “the government will eventually raise the white flag” on the issue.

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Online forums and chat rooms are now flocking to cryptocurrency investors who are now openly “critical of the Ministry of Finance,” which so far says it will stand firm.

But online communities are now confident that the tax “will be postponed before the presidential election.”

An unnamed cryptocurrency investor was quoted as stating:

“When you consider how young people in the 2030 demographic are being pressured to invest in cryptocurrencies due to skyrocketing house prices, etc., it makes sense that [crypto tax] should be discontinued next year.”

Many members of the Democratic Party have publicly spoken out against the tax, notably the party’s presidential candidate, the former governor of Gyeonggi province, Lee Jae-myung, who spoke of the need to “adopt” cryptocurrencies within the country. . [financial] system ”to eliminate risk for investors. He also said he was in favor of the postponement until 2023, when the government “will also start taxing earnings from stock transactions.”

All of this turned out to be water in the mill for the main opposition party, the People’s Power Party, which criticized the Moon administration for ‘abandoning’ the cryptocurrency market and simply trying to cash in on it in the form of tax revenue. .

latest assault came from MP Cho Kyung-tae, a key member of the campaign supporting candidate Hong Jun-pyo. Cho said that young South Koreans were forced to “cry tears of blood” because they would be forced to pay high taxes on cryptocurrency investments paid for with their hard-earned money by an indifferent government.

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According to EDily and OhMyNews, Cho has called on the government to “pull back” tax plans for cryptocurrencies and instead focus on helping crypto buyers. deputy was quoted as saying:

” government’s job is to prepare measures to protect [crypto] investors, not taxes.”

Cho continued:

“ cryptocurrency craze among Korean youth in the 2030 demographic stems from their anxiety about an uncertain future. When the rich invest in real estate, young people feel a sense of alienation. But Moon Jae-in’s government doesn’t even allow him to do that. [invest in crypto]. Moon Jae-in administration should not talk about tax collection until it can protect investors from harm. ”____ Learn more: – US government’s unrealized profit tax plans could also affect Cryptocurrency ‘Billionaires’ – Taxes, Higher Electricity Fees On Way For Russian Bitcoin Miners: Legislator

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– US tax collectors make hay while the sun shines, but time is running out – South Korean tax authorities will have the right to search the homes of cryptocurrency tax evaders.

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