South Korea's National Tax Service: Virtual assets acquired from overseas must also be declared as 'employment income' for income tax purposes

According to Digital Asset, the Korean National Tax Service recently clarified that if a Korean resident receives virtual assets from a foreign corporation due to a labor contract, they must declare comprehensive income tax themselves, even if it has not been withheld and paid locally. This judgment stems from a case in which a worker in Korea directly signed an incentive agreement with a Singaporean corporation and engaged in blockchain-related business under its direction, with remuneration paid in the form of virtual assets. The National Tax Service, based on Articles 127 and 70 of the Income Tax Act, determined that such labor income must be declared in aggregate. [Wu Shuo]