South Korea's National Tax Service: Residents who receive virtual asset labor remuneration from overseas companies must declare comprehensive income tax

Odaily Planet Daily News: The National Tax Service of South Korea has made it clear that if residents obtain virtual assets from overseas companies in the form of labor remuneration, they must declare comprehensive income tax in accordance with the law. In its reply in March this year, the National Tax Service pointed out that if residents do not withhold at source through tax combinations and obtain virtual assets from foreign companies as labor income based on incentive contracts, they must fulfill the obligation to declare comprehensive income tax. A case mentioned in the report shows that Singapore Company B intends to issue virtual assets to employees of its Korean subsidiary Company C. The employee signed an incentive contract with Singapore Company B and engaged in blockchain and virtual asset exchange-related work according to its instructions, and received virtual assets as remuneration. (Digital Asset)