Jeong Seong-guk, a lawmaker from South Korea's People Power Party, plans to introduce a bill to delay the implementation date of virtual asset income taxation from January 1, 2027 to January 1, 2030. Under current rules, income derived from the transfer or lending of virtual assets is categorized as 'other income' and subject to income tax. Annual profits exceeding KRW 2.5 million are taxed at a combined rate of 22%, including 20% other income tax and 2% local income tax. The proposal, reported by Odaily, would push the effective date back by three years.
Jeong Seong-guk, a lawmaker from South Korea's People Power Party, is preparing to introduce a bill that would move the implementation date of virtual asset income taxation to January 1, 2030. The new date would replace the previously scheduled January 1, 2027 start.
Under existing South Korean regulations, income from the transfer or lending of virtual assets falls under 'other income' for tax purposes. A 22% tax rate applies to the portion of annual profit exceeding KRW 2.5 million. That rate is made up of a 20% other income tax and a 2% local income tax.
Odaily reported the proposed delay, which gives the crypto industry an additional three years before tax obligations take effect.
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