2022.12.30
Latest Briefing on Virtual Asset Taxation and Digital Asset Act (Dec 2022)
On the evening of the 23rd, the National Assembly of Korea conducted a plenary session and enacted an amendment to the Income Tax Act that included a two-year deferral of virtual asset taxes.
Currently, the tax on virtual assets is required to be paid starting in 2023 at a tax rate of 20% (minus 2% local tax) for profits in excess of the baseline deduction of 2.5 million won. However, the taxation of virtual assets has been delayed until January 1, 2025, thanks to the ratification of this modification to the Income Tax Act.
Visit our official English blog to continue reading about the delisting of Wemix and Wemade's attempt to file an injunction
