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People Power Party lawmaker Bae Jun-young urged South Korea’s Democratic Party to quickly decide whether to further delay virtual asset taxation, which is scheduled to take effect in January next year, The Asia Business Daily reported.
Bae also called for a response to a proposal to place the related bill on the agenda of the National Assembly’s tax subcommittee under the Strategy and Finance Committee on Nov. 2. Bae said the People Power Party had proposed both a bill to repeal the tax and a bill to delay it, while the Democratic Party had remained passive. Bae added that the party had proposed putting the related bill before the tax subcommittee on Nov. 2, but had yet to receive a response.
Bae urged the Democratic Party to present its rationale if it believes taxation is justified, and said any objections to repeal or a delay could be addressed during the review process. Bae also called for a conclusion on whether to delay the tax before its implementation.