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A South Korean lawmaker has proposed a bill to delay the implementation of virtual asset taxation by two years, raise the basic deduction to 50 million won, and allow investment losses to be carried forward for five years, Digital Asset reported.
Rep. Choi Eun-seok of the People Power Party on Oct. 27 introduced a partial amendment to the Income Tax Act containing those measures. Choi viewed the revision as necessary because capital gains from on-exchange trades in domestically listed stocks by ordinary retail investors are, in principle, not taxed following the repeal of the financial investment income tax, while applying a 2.5 million won annual basic deduction to digital assets could create tax equity issues across investment assets. Choi also cited the need for revision because digital assets are highly volatile and carryforward deductions for current losses are not currently allowed.