People Power Party to propose another bill delaying crypto tax

South Korea’s People Power Party plans to submit another bill to delay the start of taxes on cryptocurrency investment income by two years, Edaily reported. While the government and ruling Democratic Party plan to proceed with taxation from January next year, the People Power Party intends to push bills either to scrap the tax or delay it by two to three years. Kim Sang-hoon of the People Power Party plans to introduce this month a partial amendment to the income tax law that would push back the start of the tax on cryptocurrency investment income from Jan. 1, 2029, to Jan. 1, 2031. The bill is currently under review by the National Assembly Secretariat’s legislative office. Separately, People Power Party lawmaker Jeong Seong-guk on Aug. 10 first proposed a bill calling for the tax to be delayed until January 2030. If a standing committee meeting is held at the National Assembly this month, a clash between the ruling and opposition parties is expected.