South Korean lawmaker proposes delaying virtual asset tax to Jan. 1, 2030

South Korean lawmaker Jung Sung-kook of the People Power Party plans to introduce a bill that would delay the start of taxation on virtual asset income to Jan. 1, 2030, from the current effective date of Jan. 1, 2027, MBN reported. Jung is set to sponsor a partial amendment to the Income Tax Act aimed at postponing the tax for three years until a broader review of virtual asset taxation and related systems is completed. Under the current framework, income generated from the transfer or lending of virtual assets will be classified as miscellaneous income and taxed starting Jan. 1, 2027. A 22% tax rate, combining a 20% miscellaneous income tax and a 2% local income tax, applies to annual gains exceeding 2.5 million won.