Ruling Party: First Consider Postponing Government Notice Before Deciding Whether to Tax Virtual Assets

[Financial News] An opinion was voiced within the Democratic Party that, before deciding whether to tax virtual assets—a measure scheduled to take effect next January—the government should first postpone the official notice planned for the end of this month. The idea was not to rush to a conclusion, since opinions within the party are also divided over whether to implement the tax.
Democratic Party lawmaker Cho Seung-rae, who chairs the National Assembly's Strategy and Finance Committee, said this at a government-party meeting on virtual asset taxation held at the National Assembly Members' Office Building on the 28th: “The government said during the National Assembly audit that it would prepare the notice by the end of October. Since issuing the notice could be regarded as a sign of the government's intent to impose the tax, we need to consider the notice first.”
The National Tax Service had previously reported to the National Assembly that it planned to prepare a draft notice on virtual asset taxation by the 30th and implement the tax starting next January, following procedures such as a preliminary review and administrative notice next month. The Democratic Party also discussed the issue of virtual asset taxation at its general meeting of lawmakers the previous day, but various views were raised on whether to implement it. Cho also stressed that views among members of the Strategy and Finance Committee were quite evenly split, and that the level of preparedness of the tax system and fairness toward users of overseas exchanges needed further review.
Kim Min-seok, leader of the Democratic Party, also said that day, “This is an occasion to assess whether there would be any side effects if taxation begins next year, and whether it is appropriate to introduce it as originally planned,” adding that he would comprehensively review the institutional conditions.

[email protected] Jiwon Song, Chaeyeon Park Reporter