Korean National Tax Service plans to tax virtual assets starting in 2027

According to Edaily, Park Jeong-ryeol, Director of the Personal Taxation Bureau at the Korean National Tax Service, stated that preparations have begun for the implementation of virtual asset taxation in January next year, with the goal of ensuring a smooth comprehensive income tax filing in May 2028. Starting from January 1, 2027, incomes from the transfer and rental of virtual assets will be classified as "other income," and a 22% tax rate will be applied to annual profits exceeding 2.5 million Korean won, which includes a 20% other income tax and a 2% local income tax. Approximately 13.26 million people are subject to this taxation.