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According to Digital Asset, the National Tax Service (NTS) of South Korea has explicitly stated that virtual assets obtained from overseas companies as labor income must be declared on the comprehensive income tax return. In March of this year, the National Taxation Bureau received an inquiry about whether residents who have signed separate incentive contracts with foreign companies and obtained cryptocurrency from them need to declare it as overseas income. On July 9th, the institution confirmed that if the tax is not withheld and paid through the tax association, taxpayers need to submit a comprehensive income tax declaration form. The position of the National Taxation Bureau is based on Article 127 (withholding and payment responsibility) and Article 70 (final declaration of global income tax basis) of the Income Tax Law.