[Breaking News] Park Chan-dae, Democratic Party of Korea Floor Leader, "Agrees to 2-Year Deferral of Virtual Asset Taxation, Needs Adjustment"

The Democratic Party of Korea has announced its agreement to amend the income tax law to defer taxation on virtual asset (cryptocurrency) income for two years.

At a press conference on the morning of the 1st, Park Chan-dae, the Democratic Party of Korea's floor leader, stated, "After deep discussions, we thought it was a time that required additional system adjustments for the virtual asset deferral," and added, "We have agreed to a two-year deferral of taxation." However, regarding the specific negotiation details, he said, "It was decided after long deliberation, discussion, and political judgment."

According to the current income tax law, from January next year, a 20% income tax (22% including local tax) must be paid on transfer and rental income exceeding 2.5 million KRW from virtual assets. The Democratic Party of Korea has maintained its stance that taxation on virtual assets according to the current income tax law should be implemented from next year. Instead of deferring taxation, an amendment to the income tax law to raise the deduction limit from the current 2.5 million KRW to 50 million KRW was scheduled to be processed by the National Assembly's Planning and Finance Committee on the 26th.

However, with the Democratic Party of Korea agreeing to defer virtual asset taxation, the deferral of virtual asset taxation seems certain. Han Dong-hoon, the leader of the People Power Party, also responded immediately. Through Facebook, Han stated, "The deferral of virtual asset taxation, which the People Power Party has been advocating for with the people, has finally been decided. This is good for the youth," adding, "There is no politics that can overcome the people."