South Korea’s Presidential Office said on October 25 (UTC+8) that discussions have shifted toward postponing the virtual asset income tax yet again. Under the current schedule, the tax was set to take effect on January 1, 2027. Another delay would be the fourth since the law was amended in 2020, with both the ruling and opposition parties now leaning toward 2029.
The rules themselves have not changed: annual gains from the transfer or lending of virtual assets such as $BTC would be taxed at a combined rate of about 22% (20% national tax + 2% local tax), after a basic deduction of 2.5 million won. The Presidential Office cited three reasons: the collection system is not yet ready, concerns among younger people, and the fact that the United States will not join the OECD’s Crypto-Asset Reporting Framework (CARF) until 2029. Given the size of the U.S. trading market and the lack of information sharing, there are concerns that the tax burden could fall first on users of domestic exchanges. The ruling party has submitted an amendment to start taxation in 2029 on this basis, and the opposition also supports another delay.
The law has not yet been amended. After the National Assembly’s audit concludes, the Presidential Office plans to hold consultations with the political parties, with a legislative change expected during tax review in November. Until the amendment passes, the date on the books remains January 1, 2027. The industry is concerned about whether funds will continue moving to overseas exchanges during the delay, while detailed tax-reporting rules for domestic platforms were also originally expected to be released around November.
#BTC #加密货币 #韩国 This is not investment advice.
The rules themselves have not changed: annual gains from the transfer or lending of virtual assets such as $BTC would be taxed at a combined rate of about 22% (20% national tax + 2% local tax), after a basic deduction of 2.5 million won. The Presidential Office cited three reasons: the collection system is not yet ready, concerns among younger people, and the fact that the United States will not join the OECD’s Crypto-Asset Reporting Framework (CARF) until 2029. Given the size of the U.S. trading market and the lack of information sharing, there are concerns that the tax burden could fall first on users of domestic exchanges. The ruling party has submitted an amendment to start taxation in 2029 on this basis, and the opposition also supports another delay.
The law has not yet been amended. After the National Assembly’s audit concludes, the Presidential Office plans to hold consultations with the political parties, with a legislative change expected during tax review in November. Until the amendment passes, the date on the books remains January 1, 2027. The industry is concerned about whether funds will continue moving to overseas exchanges during the delay, while detailed tax-reporting rules for domestic platforms were also originally expected to be released around November.
#BTC #加密货币 #韩国 This is not investment advice.