Parliamentary panel says repeal of crypto tax should be reviewed carefully

Repealing taxes on digital assets should be reviewed carefully in light of tax administration credibility and potential market impact, Choi Byung-kwon, senior specialist of the National Assembly’s Fiscal and Economic Planning Committee, said in a review report on a proposed revision to the Income Tax Act, according to Digital Asset on July 29. The report concerns an Income Tax Act amendment on abolishing digital-asset taxation that was introduced in March by People Power Party lawmaker Song Eon-seok. Choi said reversing an already-decided plan to tax digital-asset income could undermine confidence in tax policy and risk causing market instability, while adding that arguments for repeal, including fairness issues tied to the abolition of the financial investment income tax and shortcomings in tax infrastructure, should also be taken into account.