Korean National Tax Service Prepares for 2027 Virtual Asset Taxation, Congressional Discussions on Tax Abolishment Stalled

Odaily Odaily: The Korean National Tax Service is accelerating preparations for virtual asset taxation in 2027, including the establishment of a new comprehensive digital asset division and the development of a comprehensive virtual asset analysis system. A congressional petition signed by 50,000 people calling for the abolition of the virtual asset tax has yet to be placed on the agenda, and related discussions have stalled. Under the current tax system, virtual asset investment gains are taxed at 22% after deducting 2.5 million Korean won. Stock investors trading stocks on exchanges are exempt from capital gains tax, and virtual asset losses cannot be carried forward or deducted across years. Related discussions are expected to advance following the release of the government's tax reform plan at the end of July.