ChainCatcher news, according to Financial News, due to the influence of the political situation in South Korea, the discussions on the repeal of the financial investment tax and the postponement of the virtual asset tax in the Planning and Finance Committee have been delayed, with uncertain prospects for processing.Although these bills have attracted significant attention from investors and have reached a consensus amid some opposition, the current political situation has hindered their advancement. Financial regulatory authorities have stated that they will continue to promote the relevant bills to minimize the impact of politics on the economy. If the relevant bills cannot be passed in time, the financial investment tax and the virtual asset tax will officially take effect as scheduled on January 1, 2025.

ChainCatcher news, according to Bitcoin.com, the Australian Treasury has invited the public to provide feedback on the implementation of the OECD's Crypto Asset Reporting Framework (CARF).In a consultation paper released on November 21, the Treasury stated that implementing the CARF developed by the OECD would "complement the government's efforts to enhance tax transparency." The document will explore the policy advantages of incorporating the OECD model into domestic tax law and consider a timeline for implementation that can minimize compliance costs.It is claimed that the rapid growth of the cryptocurrency market has posed challenges for the government in terms of tax evasion and avoidance. To address this issue, the OECD developed the CARF, aimed at improving international tax transparency by ensuring that crypto-related information is reported in a standardized manner. The framework is expected to enhance the ability of OECD countries to monitor and tax crypto-related activities, thereby reducing opportunities for tax evasion and avoidance.The CARF will require crypto intermediaries, such as exchanges and wallet providers, to report specific crypto transactions to tax authorities. This includes information on the buying and selling of crypto assets. As explained in the consultation paper, Australia expects CARF reporting to begin sometime in 2026.

According to ChainCatcher news, as reported by Coin Edition, the South Korean government has announced that the implementation of the new virtual asset tax law will be postponed until January 2025 to address the tax burden on individual investors and clarify regulations.Under the new regulations, starting in 2025, the law will cover income tax for residents, withholding tax for non-residents, and gift tax on virtual assets. Cryptocurrency investment income will be classified as "other income subject to separate taxation," which will not affect personal tax deduction policies. For cryptocurrency investors with an annual income exceeding 1 million won, personal tax deductions will remain unchanged.This postponement primarily affects individual income tax for residents and withholding tax for non-residents and foreign companies. Starting from January 2025, non-resident individuals and foreign companies will face withholding tax when transferring, exchanging, or withdrawing virtual assets on exchanges. Current laws do not clarify whether South Korean exchanges must withhold tax before the new amendment takes effect.Investors have welcomed this postponement, believing that it will help the South Korean government and the industry better adjust for the smooth implementation of the new tax system.

ChainCatcher news, according to Newsis, the South Korean Ministry of Economy and Finance (MOEF) is reassessing the virtual asset taxation plan originally scheduled to be implemented starting January next year.This reassessment comes ahead of the announcement of a tax law amendment set to be published next month, contrasting sharply with the department's earlier stance this year, which insisted that the plan would proceed as scheduled without reassessment. Experts have expressed concerns about the current tax framework, arguing that it fails to effectively address the anonymity and decentralization characteristics of virtual assets.Notably, a recent study by the National Assembly Budget Office highlighted significant flaws in the current legislation, particularly the reliance on cryptocurrency exchanges to provide the transaction records required for taxation.