Asia Economy reported that the Ministry of Economy and Finance confirmed the '2026 Tax System Reorganization Plan' on the 3rd, excluding the virtual asset tax deferral plan. According to the current Income Tax Act, if the income obtained from virtual asset transactions exceeds 2.5 million KRW annually, a tax of 20% (22% including local income tax) will be imposed on the excess amount. If this tax system reorganization plan is finally approved after parliamentary discussion, taxation on capital gains from virtual assets will officially begin in January next year. The first declaration and payment will take place in May 2028. The tax infrastructure is already in place. In accordance with the OECD's Crypto-Asset Reporting Framework (CARF) agreement, as overseas virtual asset transaction databases (DBs) from tax authorities in 48 countries, including Japan, Germany, and France, will be secured starting next year, the 'tax gray area' can also be largely resolved.
