Yeo: "Considering 1-Year Postponement of Virtual Asset Taxation... Starting from 2023"

[Image source=Yonhap News]

[Asia Economy Reporter Jeon Jinyoung] The Democratic Party of Korea is pushing for a plan to postpone the taxation of virtual assets, scheduled to be implemented next year, by one year. The government plans to classify income earned from capital gains on virtual assets starting January next year as 'other income,' allowing a deduction of 2.5 million KRW and imposing a 20% tax rate on income exceeding that amount.

Park Wanju, the chairman of the Policy Committee, stated at a press briefing held at the National Assembly on the 2nd, "It is true that the party is considering postponing the taxation."

Chairman Park added, "The government intends to stick to the original plan," and said, "Soon, the party and government or the standing committee will officially announce the direction of the initiative and begin discussions."

Kim Byungwook, a member of the National Assembly's Political Affairs Committee, also held a press conference at the National Assembly that morning and said, "It is reasonable to prepare next year and start taxing from the 2023 income year."

Representative Kim emphasized, "The concept of virtual assets has not been properly established, and there are no related laws, yet the government is unilaterally pushing this forward," adding, "It took 60 years for the stock market to formally establish a taxation plan."

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