Korean officials: Virtual asset tax should be implemented on schedule starting January 2027

On May 18, news, Democratic Party officer Jeong Tae-ho of the Korean National Assembly’s Finance and Economy Planning Committee stated, “Virtual asset (digital asset) taxation has already been postponed once, so it should be implemented as planned.” After the virtual asset tax reform bill is submitted, internal party discussions will be initiated, and opinions on system improvement will be heard, aligning with the Korean government’s direction of “normal taxation on virtual asset transfer and leasing income starting from January 2027.” Recently, several heavyweight figures within the Korean Democratic Party have also repeatedly sent similar signals, opposing the opposition party, the People Power Party (which advocates abolishing the tax and has proposed a bill). It is expected that the relevant bill will enter formal discussion in the Tax Subcommittee after November this year, with the final conclusion announced by the end of the year.