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The Commissioner of South Korea’s National Tax Service stated that the relevant announcement on taxation standards is planned to be November issued, and that whether airdrops and hard forks are taxable will be determined based on their economic substance.
South Korea’s deputy prime minister said that opinions from the National Assembly, experts, and the industry will be heard, and the virtual asset taxation policy originally scheduled for implementation in 2027 year will be assessed cautiously; the relevant tax revenue will need to be estimated after the filing system is launched.
According to reports, Jeong Jeom-sik, floor leader of South Korea’s largest opposition party, the People Power Party, called for reconsideration of the virtual asset taxation originally scheduled for next year’s January Implementation and advocated its postponement or abolition.