With the government announcing taxation on virtual assets from next year, the Democratic Party has publicly argued that the taxation should be deferred.
Kim Byeong-wook, a member of the ruling party of the National Assembly’s Political Affairs Committee, held a press conference at the National Assembly today and said, “It is most reasonable to make a law within this year, prepare a law next year, and start taxing it from 2023.”
Rep. Kim said, “I basically agree with the tax principle that there is taxation where there is income, but the definition of virtual assets is not even well established at present, and the scope of taxation or taxation classification varies depending on the definition.”
Rep. Kim explained, “You need to calculate the acquisition cost to get a transfer profit. However, there are various opinions on how to view the acquisition cost, so it is necessary to take time to reach an agreement.”
“The government is in the position of taxing 20% of annual income from virtual assets from January next year, but sticking to the principles while ignoring the field and experts shows the unruly exercise of power by the Ministry of Strategy and Finance and the National Tax Service,” he said.
Earlier, Democratic presidential candidate Lee Jae-myung also said, “Cryptocurrency is highly speculative and can be abused for fraud, crime, money laundering, etc., so it should be included within the system.” It has been argued that there is.