Min Byeong-Duk of the Ruling Party Stated, "Virtual Assets Cannot Be Taxed as There Is No Basic law."
4 Articles
4 Articles
(Seoul = Yonhap News) Reporter Park Soo-hyun = Opinions suggest that in order to enhance the competitiveness of the domestic virtual asset market, taxation should be suspended and institutionalization, such as related legislation, should be expedited...
At a forum hosted by lawmakers from the Democratic Party of Korea, it was argued that postponing the implementation of virtual asset taxation is inevitable. The rationale is that the 2020 amendment to the Income Tax Act fails to encompass the increasingly diverse virtual asset trading laws, and that issues of tax equity could arise where only users of domestic exchanges pay taxes. On the afternoon of the 2nd, Democratic Party lawmakers Lee Kwang…
South Korea's ruling Democratic Party initiated proceedings on Monday to postpone the digital asset tax, scheduled to take effect in January 2027.
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