South Korea
Digital Asset
"2-Year Delay, Loss Carryforward Deduction, Higher Basic Deduction" — PPP's Choi Eun-seok Proposes Amendment to the Income Tax Act
- The amendment would push back the start date for digital asset income taxation from January 1, 2027 to January 1, 2029, a two-year delay.
- It would raise the basic annual deduction for digital asset income, currently 2.5 million won under existing law, to 50 million won.
- Under current law, income from transferring or lending digital assets is classified as other income and taxed at a 20% rate after the basic deduction; the bill would also let investment losses be carried forward and deducted for up to five years.