Democratic Party lawmaker Roh Woong-rae argued on the 27th that “the government policy to impose a 20% tax on other income on cryptocurrency from next year should be revised immediately.”
Rep. Roh said on his Facebook page on the same day, “Cryptocurrency is not a lotto, but stocks,” through a post titled “Cryptocurrency taxation policy, correction is urgent.”
Rep. Roh said, “In the current government-initiated amendment to the income tax law, cryptocurrency is treated as temporary and accidental other income,” he said. “However, in reality, cryptocurrency is very similar to stock trading in the form of repetitive trading rather than lotto.” Explained.
He added, “Like stocks, it is necessary to convert financial investment income to capital gains taxation method, and through this, it is necessary to deduct up to 50 million won in addition to the income of other financial products, rather than deducting the current 2.5 million won.” “The more profitable people are, the more taxes they pay, and most small and medium-sized investors pay less or not.”
Rep. Roh said, “It is too early for next year’s taxation” because of the lack of management infrastructure in the cryptocurrency market.
Rep. Roh said, “Since we are trying to proceed from taxation at the point where we need to secure transparency and stability of the market, we still do not have enough infrastructure.” In the case of holding, it is difficult to accurately calculate the gains on the transfer, and there is a high possibility of tax resistance.”
He then argued, “It is reasonable to expand related infrastructure by 2023, when the stock transfer tax is taxed, and to implement a more sophisticated system for bypass avoidance measures.”
