TechFlow, July 9 — According to South Korean media Digital Asset, the National Tax Service of Korea has clarified that virtual assets received by residents from overseas companies as labor income must also be declared for comprehensive income tax.
In March this year, in response to related inquiries, the National Tax Service stated that if residents receive virtual assets from foreign companies under separate incentive contracts as overseas labor income, and such income has not been subject to withholding tax through a tax withholding agent, they are obligated to file a final comprehensive income tax return.
This position of the National Tax Service is based on Article 127 (Withholding Obligations) and Article 70 (Final Reporting of Worldwide Income Tax Base) of the Income Tax Act.
