One-Year Postponement of Virtual Asset Taxation and Increase of Capital Gains Tax Threshold from 900 Million to 1.2 Billion Won

Kim Young-jin, Chairman of the Tax Subcommittee of the National Assembly's Planning and Finance Committee, is striking the gavel at the Tax Subcommittee meeting held at the National Assembly on the 17th. 2021.11.19 Photo by National Assembly Press Photographers [Image source=Yonhap News]

[Asia Economy Reporter Lee Hyun-joo] The taxation timing for virtual assets will be postponed by one year, and the capital gains tax exemption threshold will be raised.

The National Assembly's Planning and Finance Committee held a tax subcommittee meeting on the 29th and approved the amendment to the Income Tax Act reflecting these changes.

Accordingly, the taxation timing for virtual assets will be delayed from the originally planned 2022 to 2023. The capital gains tax exemption threshold for first-time single-homeowners will increase from 900 million KRW to 1.2 billion KRW in market value.

The amendment is expected to be approved at the plenary session on the 30th and then submitted to the full assembly for approval early next month.

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