Parliamentary panel reviews crypto tax repeal proposal

Choi Byung-kwon, senior specialist of the National Assembly’s Fiscal and Economic Planning Committee, stated that repealing taxes on digital assets should be carefully reviewed due to concerns over tax administration credibility and potential market impact. This statement was made in a review report regarding a proposed amendment to the Income Tax Act aimed at abolishing digital-asset taxation, introduced in March by People Power Party lawmaker Song Eon-seok. Choi emphasized that reversing the decision to tax digital-asset income could undermine confidence in tax policy and risk market instability. He also noted that arguments for repeal, such as fairness issues related to the abolition of the financial investment income tax and shortcomings in tax infrastructure, should be considered.

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