Park Soo-young Demands Withdrawal of Cryptocurrency Taxation

Park Soo-young, a member of the People Power Party, criticized the taxation on cryptocurrency profits as "a threat to impose a tax bomb if we don't do it domestically" and demanded its withdrawal. On the 13th, during a broadcast on his YouTube channel, he stated, "I hope the punitive tax plan that holds 13 million digital asset users hostage will be withdrawn immediately." He pointed out that "while claiming to save domestic stocks, abolishing the financial investment income tax and imposing punitive taxes only on digital assets is nothing short of a threat." He warned that "such measures will not help in investing in domestic stocks but will rather accelerate capital outflow overseas," mentioning that approximately 124 trillion won had flowed out to overseas digital asset exchanges from January to September last year. He also raised concerns about the issue of loss carryforward, stating, "While taxes are imposed on profits, losses from the collapse of coins are not even allowed to be carried forward." According to current law, taxation on digital assets will be implemented starting January 1, 2027, with a deduction limit of 2.5 million won and a tax rate of 20% plus local taxes, which can reach up to 22%. The government plans to implement this in full next year, and there are currently no significant opposing opinions within the ruling party.

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