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South Korea National Tax Service: Residents Receiving Virtual Asset Compensation from Overseas Companies Must Declare Comprehensive Income Tax
Summary: According to reports, the South Korea National Tax Service has clarified that residents who receive virtual assets in the form of compensation from overseas companies must declare comprehensive income tax in accordance with the law. The National Tax Service stated in a response in March of this year that if residents do not have source ...
According to reports, the South Korea National Tax Service has clarified that residents who receive virtual assets in the form of compensation from overseas companies must declare comprehensive income tax in accordance with the law. The National Tax Service stated in a response in March of this year that if residents do not have source tax withheld through a tax combination and receive virtual assets as labor income based on incentive contracts from foreign companies, they must fulfill the obligation to declare comprehensive income tax. A case mentioned in the report shows that Singaporean company B plans to distribute virtual assets to employees of its South Korean subsidiary company C. The employee signed an incentive contract with Singaporean company B, engaged in blockchain and virtual asset exchange-related work as instructed, and received virtual assets as compensation (Digital Asset).
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Link: South Korea National Tax Service: Residents Receiving Virtual Asset Compensation from Overseas Companies Must Declare Comprehensive Income Tax [Copy]
