South Korea's ruling party whip: Virtual asset taxation should be postponed for two years to introduce a reasonable system

Odaily News Choo Kyung-ho, the whip of the ruling People's Power Party in South Korea, said today: "According to the government's proposal, the taxation of virtual assets should be postponed for two years." He expressed this at the meeting of the Supreme Committee of the National Assembly held on the same day, and emphasized: "We need to prepare a reasonable system that investors can accept." The government and the ruling party are promoting the amendment of the Income Tax Act to postpone the taxation of virtual assets, which was originally scheduled to be implemented in January next year, for at least two years and implement it in 2027, but due to opposition from the opposition party, it is unclear whether the plenary session of the National Assembly can pass it. In addition, Choo Kyung-ho also said: "In order to eliminate investors' concerns about the recent sharp changes and uncertainties in the financial market, there should be legislation to back it up. The abolition of financial investment income tax is the government's minimum commitment to the market and the people to eliminate market uncertainties, and the National Assembly should deal with it as soon as possible." (Sedaily) Earlier, Noh Jong-myun, a spokesman for the Democratic Party of Korea, said that it was "unacceptable" for the ruling party to postpone the implementation of the virtual asset taxation plan for two years.