South Korea's National Tax Service: Residents must declare comprehensive income tax on virtual assets received from overseas companies in the form of
according to South Korean media Digital Asset, the South Korean National Tax Service has clearly stated that residents who receive virtual assets in the form of labor income from overseas companies also need to declare comprehensive income tax.
In response to related inquiries in March of this year, the National Tax Service stated that if residents receive virtual assets from foreign companies as overseas labor income based on separate incentive contracts and do not have withholding tax through a tax combination, they are obligated to declare comprehensive income tax.
This case involves Singaporean company B planning to distribute virtual assets to its South Korean subsidiary company C employees. The employee directly signed an incentive contract with Singaporean company B, engaged in blockchain and virtual asset exchange-related work as instructed by company B, and received virtual assets as compensation.
