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Petitioner: "Stocks are tax-exempt"... Demands full re-discussion
A parliamentary petition calling for the abolition of the virtual asset taxation system, which is scheduled to take effect in January next year, will be discussed in the National Assembly after exceeding 50,000 signatories.
The 'Petition on the Abolition of Virtual Asset Taxation' posted on the National Assembly's National Consent Petition board on the 13th surpassed 50,000 consents around 11:23 AM on the 21st, just eight days after its registration.
This petition met the requirement for a petition to be established, which is to gain more than 50,000 consents within 30 days of its public release, and will be automatically referred to the relevant standing committee of the National Assembly.
Petitioner Mr. Min argued, "It is difficult to understand why taxation on traditional financial assets such as stocks is withdrawn or eased, while separate taxation on virtual assets is enforced."
He stated that the institutional foundation for virtual asset taxation and investor protection measures have not been sufficiently established, and therefore a comprehensive re-discussion, including the abolition of virtual asset taxation, is necessary.
From next year, a 22% tax rate will be applied to the portion of income exceeding the 2.5 million KRW deduction amount obtained from the transfer or lending of virtual assets.
Income from virtual assets is classified as "other income" rather than "capital gains," and loss carry-forward deduction is not allowed, meaning losses cannot be carried over to the next year and deducted from profits.
Virtual asset taxation was originally scheduled to be applied from 2022, but it has been postponed three times due to issues such as insufficient tax infrastructure and controversy over fairness with financial investment income tax (FITS).
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