Hong Nam-ki "Plan to Tax Virtual Currency... Announcement in July"

[Image source=Yonhap News]

[Asia Economy Reporter Lim Chun-han] Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki stated on the 17th, "The issue of cryptocurrency taxation will be included in the tax reform plan to be announced in July, with the government taxing cryptocurrencies."

Deputy Prime Minister Hong made this remark in response to a question from Kim Ju-young, a member of the Democratic Party of Korea, regarding cryptocurrency taxation during the plenary session of the National Assembly's Planning and Finance Committee held that day.

Hong explained, "We have been establishing a new tax system in accordance with changing conditions, and especially while preparing this year's tax reform plan, we are refining the taxation system for various tax items and tax types. We will also actively respond to new taxation systems such as digital taxes."

He added, "There have been discussions on imposing digital taxes at the Organization for Economic Cooperation and Development (OECD) and the Group of Twenty (G20), and the Korean government is actively participating. In fact, Korea imposes digital taxes to acquire taxation rights from foreign companies, but there is also the issue of granting taxation rights to our companies in other countries."

Hong said, "We are participating in taxation discussions while considering the balance of national interests, and we will participate in a way that maximizes and maintains national interests. Personally, I believe that imposing digital taxes is necessary as a new form, and the government is reviewing it in that direction."

This content was produced with the assistance of AI translation services.