Virtual asset taxation delay in South Korea uncertain amid impeachment crisis

The proposal to abolish the financial investment income tax and delay virtual asset taxation has been postponed in the South Korean National Assembly due to the ongoing impeachment crisis, according to Financial News. Despite strong investor interest and consensus within the opposition party, the bill has been stalled due to the political situation. However, financial authorities, who have been advocating for the tax delay, remain committed to supporting the legislation to minimize the impact of politics on the economy. As discussions on livelihood-related bills are delayed, if the relevant bills are not amended, the financial investment income tax and virtual asset tax will take effect as scheduled on Jan. 1, 2025.