[2021 National Audit] Hong Nam-ki "Difficult to Postpone Virtual Asset Taxation Again... Enforcement Next Year Will Proceed"

October 6 National Assembly Budget Committee Ministry of Economy and Finance Tax Policy Audit
Hong: "NFT is Not a Virtual Asset" Definitive Statement

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki attended the National Assembly's Public Administration and Finance Committee's audit of the Ministry of Economy and Finance held on the 6th, seen reviewing documents during the audit. Photo by Yoon Dong-joo doso7@

[Sejong=Asia Economy Reporter Moon Chaeseok] Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki said on the 6th, "It is difficult to readjust or postpone virtual asset taxation from the perspective of legal stability and policy reliability."

At the National Assembly's Planning and Finance Committee audit on the same day, in response to a question from Yoo Kyung-jun of the People Power Party asking, "Do you think virtual asset taxation can be implemented without problems starting next year?" Hong replied, "Yes."

He explained, "The taxation infrastructure based on the use of real-name accounts has been established, and virtual assets traded through exchanges can be sufficiently taxed." This reaffirmed the government's plan to start virtual asset taxation as scheduled from next year.

Earlier, the government decided to impose a 20% tax rate (excluding local tax) on virtual asset transfer and rental income exceeding 2.5 million won (basic deduction amount) starting in 2022.

Meanwhile, regarding NFTs (Non Fungible Tokens), which have recently gained attention in the culture and arts sectors, Deputy Prime Minister Hong firmly stated, "They are currently not considered virtual assets."

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