Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki hit directly on the 10th with respect to the political circle’s claim to suspend the taxation of virtual assets, saying, “It is not right to force the government to suspend (taxation) while acknowledging it on its own.”
Deputy Prime Minister Hong answered the question of Rep. Jeong Hee-yong, a member of the People’s Power, who asked whether there is a need to impose excessive taxation as a large part of coin (virtual asset) transactions are occupied by young people at a plenary session of the Special Committee on Budget and Settlement of the National Assembly this morning.
Regarding the taxation of virtual assets, Deputy Prime Minister Hong said, “It is not that the government is forcibly (taxing), but last year the National Assembly passed a law through an agreement between the ruling and opposition parties. Consistency is undermined. Taxing where there is income is a very natural thing to do, but it keeps reporting to the government.”
He continued, “If the ruling and opposition parties agree to pass the law and defer (taxation), the government is not in favor of it (though it will accept it). I wish it would be taxed as it is.”
Previously, the ruling and opposition parties dealt with amendments to the Specific Financial Information Act (Special Act) last year. According to the bill, the government will consider income from virtual asset transactions as other income from January next year, and impose a tax of 20% on transfer gains if it is more than 2.5 million won per year.
