Korean National Tax Service Advances Preparation for Virtual Asset Taxation by 2027, National Assembly's Discussion on Tax Abolition Stalled

The Korean National Tax Service is accelerating preparations for the taxation of virtual assets by 2027, planning to establish a new Digital Asset Comprehensive Division and promote the construction of a comprehensive analysis system for virtual assets. A petition signed by 50,000 people to abolish the virtual asset tax has not yet been scheduled for discussion in the National Assembly, and related discussions are currently at a standstill. Under the current tax system, investment income from virtual assets is taxed at 22% after deducting 2.5 million won, while stock investors trading on exchanges are exempt from capital gains tax, and losses from virtual assets cannot be carried over to the next year. It is expected that related discussions will advance after the government's tax reform plan is announced at the end of July.

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