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Asked at a full session of the National Assembly’s Planning and Finance Committee on Sept. 28 whether he could take responsibility if preparations for taxing digital assets, or cryptocurrencies, were inadequate, Deputy Prime Minister and Finance Minister Lee Hyoung-il said he would, while indicating the tax would proceed as scheduled next year.
Lee said around 85% of holders own under 5 million won, and those with less than 5 million won would face little to no tax burden because a basic deduction of 2.5 million won applies. Lee added that about 90% of investors in their 20s and 30s also hold under 5 million won, so the tax burden is not expected to be heavy for younger investors, though the government would also seek supplementary measures to improve taxpayer acceptance if issues emerge during implementation.
The remarks came in response to a question from People Power Party lawmaker Park Soo-young at the committee meeting on Sept. 28.