South Korea to build IT system for individual virtual asset tax

South Korea's National Tax Service has begun developing a new IT system to analyze virtual asset transactions ahead of the planned introduction of individual taxation next January, The Herald Business reported. The agency posted preliminary specifications for its "Virtual Asset Integrated Analysis System" project on the Public Procurement Service on Feb. 20. The project's scope includes: - Establishing an integrated management system for virtual asset information - Creating a framework for analyzing transaction data - Implementing a user-centric system - Ensuring a stable operational foundation System design and development are set to begin in April, with a target launch in November following a testing and pilot phase. Starting next year, the tax service plans to impose an "other income" tax of 20% (22% including local taxes) on gains from the sale or lending of virtual assets.