Korean National Tax Service: Residents Must Declare Comprehensive Income Tax for Receiving Virtual Assets as Service Remuneration from Overseas Companies

On July 9th, according to Digital Asset, the South Korean National Tax Service stated that residents who receive virtual assets as labor compensation from overseas companies are required to declare comprehensive income tax in accordance with the law.

The South Korean National Tax Service pointed out in its response in March of this year that if this wage income is not subject to withholding tax through a tax combination, the taxpayer is obligated to independently make the final declaration of comprehensive income tax.