Progressive Party Opposes Further Delay of Cryptocurrency Income Tax

The Progressive Party has opposed the movement to further delay the taxation of cryptocurrency income and urged that it be implemented as scheduled. On the 26th, spokesperson Hong Seong-kyu criticized the discussions on tax postponement at a briefing in the National Assembly's communication hall, pointing out that it has been postponed three times since the legal amendment in 2020. He emphasized that the fundamental principle of taxation, "there is tax where there is income," should not be undermined. He expressed opposition to using the justification of youth asset formation for tax postponement and questioned why 'coins' have become a 'ladder for youth assets,' citing comments from a Blue House official. Spokesperson Hong argued that the scale of youth subject to taxation should be estimated and that it is necessary to confirm how many actual youth would be taxed when imposing a 22% tax on the amount exceeding the basic deduction of 2.5 million won from digital asset income. He criticized that the number of youth subject to taxation would be very small and that using the economic difficulties of many youths as a basis for tax postponement is inappropriate. Additionally, he called for the restoration of the financial investment income tax alongside the implementation of digital asset income taxation, emphasizing that it is the starting point for tax justice.

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