tax delay

South Korea

2026-08-10 00:53:50

South Korea Lawmaker Proposes Delaying Virtual Asset Income Tax to 2030

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.

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South Korea

2026-08-10 00:53:56

South Korea Lawmaker Proposes Three-Year Delay to Crypto Tax, Pushing It to 2030

Rep. Jung Sung-kook of South Korea's People Power Party plans to file a bill delaying the virtual asset income tax by three years, from Jan. 1, 2027 to Jan. 1, 2030. The lawmaker said the delay would allow a comprehensive review of the taxation system and protect taxpayers from institutional confusion. Under current rules, income from crypto transfers or lending would be classified as "other income" starting next January, with a 22% tax rate applied to annual profits exceeding KRW 2.5 million. The PPP has long opposed the tax.

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