Bill to scrap crypto tax for 13 million users set for committee agenda today

South Korea’s National Assembly Planning and Finance Committee is set to place a proposed amendment to the Income Tax Act on its agenda today at a full committee meeting at 1:00 a.m. UTC, with Deputy Prime Minister and Finance Minister Koo Yun-cheol, Budget Minister Park Hong-keun and Bank of Korea Governor Hyun Song Shin in attendance. The bill would abolish taxation on virtual assets, according to Edaily. Edaily reported the bill was introduced on March 19 by People Power Party lawmaker Song Eon-seok and would delete clauses on income tax for virtual assets. If placed on the agenda, the bill will be referred to the committee’s tax subcommittee for further discussion. A petition calling for the abolition of virtual-asset taxation, which drew support from more than 50,000 people, is also set to be discussed by the committee’s petition review subcommittee. A National Assembly official said the tax subcommittee and petition review subcommittee have not yet been fully formed, and the discussion schedule will be set after all members are appointed and floor coordinators from both parties agree on a timetable.