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The Korean National Tax Service is preparing to implement virtual asset taxation.
ME News Report, April 29 (UTC+8), South Korea’s National Tax Service has officially begun preparations for taxing virtual assets, with plans to implement starting January next year. According to legal provisions, the National Tax Service is ensuring the completeness of exchange data and building an integrated analysis system to ensure the smooth filing of the first comprehensive income tax in May 2028. Under the current Income Tax Act, starting January 1 next year, profits from virtual asset transfers and lending will be classified as “other income,” and amounts exceeding 2.5 million won annually will be taxed at a rate of 22% (including local income tax). (Source: MLion)