National Assembly Introduces Bill to Delay Virtual Asset Taxation by 3 Years

IconCryptoNewsTerminal Staff13 Jul, 2024

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National Assembly Introduces Bill to Delay Virtual Asset Taxation by 3 Years

The 22nd National Assembly has proposed a bill to postpone the taxation of virtual assets for three years. The bill, introduced by Chairman Song Eon-seok of the National Assembly's Planning and Finance Committee, seeks to amend Article 37, Paragraph 5 of the Income Tax Act. The amendment would delay the implementation date for virtual asset taxation from January 1, 2025 to January 1, 2028. The bill also clarifies that the acquisition price of virtual assets held before January 1, 2025 will be determined using the greater of the market price on December 31, 2027 or the acquisition price. This change is intended to provide a grace period for virtual asset holders to adjust to the new tax regulations. The bill is currently under review by the National Assembly and is expected to be voted on in the coming weeks.

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