Democratic Party Advocates for Implementation of Virtual Asset Taxation After Basic Law Passage

Min Byung-deok, a member of the Democratic Party, has argued that the timing for the implementation of virtual asset taxation should be set after the passage of the Digital Asset Basic Law. This marks the first instance of a public call for a delay within the Democratic Party. On the 22nd, Min stated on Facebook, "To avoid the criticism that our laws are slow while taxation is fast, I propose that the taxation timing be set after the passage of the Basic Law." He mentioned, "I agree with the principle that taxes exist where there is income, and digital assets are no exception." However, he emphasized that "the foundation for fairly collecting taxes is not currently prepared." Min pointed out issues regarding the timing of the tax implementation, including: ▲ starting taxation before overseas data is available ▲ non-application of loss carryforward deductions ▲ non-disclosure of expected tax revenue effects and costs. He stated, "Taxation should be implemented in line with the timing when overseas transaction data is secured, and the National Assembly and the government should present deadlines and verification criteria for each task to prevent an indefinite delay." Additionally, he added, "This is not about avoiding taxation, but about collecting it properly, and we will strengthen the crackdown on unfair trading and investor protection during the preparation period.","summary":"A proposal has emerged from a member of the Democratic Party to set the timing for the implementation of virtual asset (digital asset) taxation after the passage of the Digital Asset Basic Law. This is the first time a public call for a delay has been made within the Democratic Party. Min Byung-deok, the chief deputy of the Democratic Party's policy committee, stated on Facebook on the 22nd, "To avoid the criticism that our country’s laws are slow while taxation is fast, I propose that the timing for (digital asset) taxation be set after the passage of the Basic Law." Min also stated, "I agree with the principle that taxes exist where there is income, and digital assets cannot be an exception." However, he noted that "to tax according to the principle, we must first establish a foundation for fair collection."

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