South Korea's National Tax Service: Residents who receive virtual assets from overseas companies in the form of "labor income" must declare comprehensive income tax.

On July 9, according to South Korean media Digital Asset, the South Korean National Tax Service (NTS) has clarified that residents who receive virtual assets from overseas companies in the form of labor income must also declare comprehensive income tax. In response to related inquiries in March of this year, the NTS stated that if residents receive virtual assets from foreign companies as overseas labor income under a separate incentive contract, and source withholding is not carried out through a tax combination, they are obligated to file a comprehensive income tax return. This case involves Singaporean company B planning to distribute virtual assets to employees of its South Korean subsidiary, company C. The employee directly signed an incentive contract with Singaporean company B, engaged in blockchain and virtual asset exchange-related work according to B company's instructions, and received virtual assets as compensation. [Deep Tide TechFlow]