Government Delays Crypto Taxation Again to 2029
The taxation on virtual assets has entered its fourth delay process. The government has decided to postpone the virtual asset income tax, which was scheduled to take effect next year, for another two years to 2029. Once again, the government cited the difficulty of securing taxation information on o
The government has postponed the implementation of virtual asset income tax once more, this time to 2029. This is the fourth delay since the tax was introduced in 2020 through a revision to the Income Tax Act. The primary reason for the delay is the difficulty in gathering taxation information on overseas transactions, as well as concerns about the fairness of taxing domestic and foreign investors.
The government plans to establish an international taxation information exchange system with countries like the United States, which will take effect in 2029. Critics argue that the foundation for taxation remains insufficient despite three previous delays. The government will also introduce a loss carryforward policy, allowing investors to deduct losses from previous years from their current profits.
However, some experts express concerns about the repeated delays potentially eroding the credibility of tax policies and investor trust.
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