South Korea to introduce taxes on digital assets in 2029
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SEOUL, Nov 5 : South Korea plans to introduce taxes on digital assets in 2029, two years later than previously envisaged, the finance ministry said on Thursday.
• The government will consult parliament on postponing taxes on digital assets by two years and prepare tax systems to introduce them in 2029, the ministry said in a statement.
• The delay reflected the fact that information exchanges with the US on virtual assets would start in 2029. Introducing taxes next year as previously planned could disadvantage the domestic market versus global markets, the ministry said.
• South Korea is working on enacting legislation on digital assets that could significantly change the market environment in coming years, the ministry said.
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• Over the next two years, the government will prepare measures to impose taxes on overseas trading of digital assets, while considering the sector’s high volatility, investor protection and how to support industry growth.
• The government plans to submit legislative amendments to parliament in 2027 and disclose details to investors on specific tax codes in the first half of 2028.($1 = 1,341.4900 won)
Source: Reuters
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