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Min Byung deok, a senior member of the Policy Committee of the South Korean Democratic Party, stated that a cryptocurrency tax should be levied after the passage of the Basic Law on Digital Assets, and pointed out issues such as difficulties in tracking income from overseas trading platforms and inability to carry forward investment losses. The South Korean government insists on implementing virtual asset income tax on schedule. Finance Minister Lee Jong il stated that the current tax law stipulates that virtual asset income will be taxed from next year. About 85% of investors hold less than 5 million Korean won, and after deducting the basic tax exemption of 2.5 million Korean won, most investors do not need to pay taxes or have a lower tax burden. According to current rules, the transfer or lending of virtual assets is subject to an annual net income tax rate of 20%, and losses cannot be carried forward. The actual tax declaration window is expected to open in May 2028.