People's Solidarity for Participatory Democracy: “Government must implement virtual asset taxation as planned”

(Seoul = Yonhap News) Reporter Lee Min-young = On the 25th, the People's Solidarity for Participatory Democracy urged the Blue House to implement it as scheduled in response to the plan to postpone the taxation of virtual asset income, which is scheduled to be implemented in January of next year, saying that there is insufficient basis to use youth asset formation as a justification.

The People's Solidarity for Participatory Democracy's Tax and Finance Reform Center issued a comment on this day and pointed out, "The mere fact that the proportion of young people among virtual asset investors is high does not mean that tax deferral provides real benefits to young people," and added, "No specific evidence was provided as to how tax deferral helps young people build assets."

He continued, “It is questionable whether it is appropriate to postpone the entire taxation of virtual asset income due to limitations in securing overseas transaction information,” and emphasized, “Related issues are tasks that must be resolved through information collection, international cooperation, and strengthening the reporting and verification system.”

At the same time, he urged, “If the taxation of virtual assets is repeatedly postponed following the abolition of the financial investment income tax, the principles of asset income taxation and trust in tax policy will inevitably be damaged,” and added, “The government and the National Assembly must stop the fourth attempt to postpone taxation and tax taxation as scheduled.”

Taxation of virtual assets applies a tax rate of 22%, which is the sum of other income tax and local income tax to the amount obtained by subtracting basic income of 2.5 million won from the annual income generated from the transfer or rental of virtual assets.

According to the passport, the Blue House is said to be considering various measures, with an emphasis on deferring virtual asset taxation again.