South Korean Crypto Tax Abolition Bill Referred to National Assembly Standing Committee
A proposed bill to abolish taxes on virtual assets in South Korea has been referred to a National Assembly standing committee. The amendment, introduced by Song Eon-seok of the People Power Party, would delete the clause related to virtual-asset income from the Income Tax Act.
The bill's core provision removes the legal basis for taxing crypto income, and it is set to be discussed in subcommittees of the Strategy and Finance Committee. The committee will hold a plenary meeting on July 29 to formally take up the amendment.
Attending the meeting are Koo Yun-cheol, deputy prime minister for economic affairs and minister of economy and finance, Park Hong-keun, minister of planning and budget, and Shin Hyun-song, governor of the Bank of Korea. The proposed amendment will next be sent to the committee's tax subcommittee for detailed review.
A petition calling for the abolition of crypto taxation that drew support from more than 50,000 people will also be discussed separately by the committee's petition review subcommittee.