South Korean ruling party whip: virtual asset taxation should be postponed for two years to introduce a reasonable system

Odaily Planet Daily News: South Korea's ruling National Power Party whip, Cho Kyung ho, said today that "according to the government's proposal, the implementation of virtual asset taxation should be postponed for two years. At the meeting of the Supreme Committee of Congress held that day, he expressed this point and emphasized, "We need to prepare a reasonable system that investors can accept The government and ruling party are pushing to amend the Income Tax Law, delaying the virtual asset tax originally scheduled to be implemented in January next year by at least two years and implementing it in 2027. However, due to opposition from opposition parties, it is still unclear whether the plenary session of the parliament can pass it. In addition, Qiu Qinghao also said, "In order to eliminate investors' concerns about the recent rapid changes and uncertainties in the financial market, there should be legislation as a backing. Abolishing the financial investment income tax is the minimum commitment made by the government to the market and the people to eliminate market uncertainty, and the parliament should handle it as soon as possible." (Sedaily) Previously, Noh Jong myun, spokesperson for the Democratic Party of Korea, stated that it is "unacceptable" for the ruling party to postpone the implementation of the virtual asset tax plan for two years.