Search results for Income Tax Act
Crypto
Digital asset taxation four months away, calls to redesign blanket other-income classification
With digital asset taxation set to begin next year, a proposal has emerged to revise the current system that classifies both transfer and lending income as other income. Speakers at a National Assembly forum said income categories should reflect the economic substance of different transaction types, including trading, mining and staking. They also called for stronger enforcement infrastructure, including linking transaction data across domestic and overseas exchanges and personal wallets.
Finance
Government keeps ISA terms and contribution limits; anti stock price suppression bill to be revisited in parliament
The government will allow taxpayers to carry over unused annual contribution limits for individual savings accounts (ISA) and will remove limits on contract terms, reversing tougher rules proposed in last month’s tax overhaul plan. The Ministry of Economy and Finance said it finalised a tax law revision bill that includes the ISA changes and plans to submit it to parliament by Sept. 3. It also said a proposal dubbed the anti stock price suppression bill will be further discussed during the regular parliamentary session.
Finance
KOSPI hits 8,000 as debate returns over reviving financial investment income tax
With the KOSPI heating up and breaking above 8,000 intraday, debate has resurfaced over reviving South Korea’s financial investment income tax. Labour and civic groups call for normalising taxation of financial income, arguing capital income is insufficiently taxed compared with wages. President Lee Jae-myung has also raised the need to reform securities transaction and capital gains taxes. Opponents warn the tax could hurt sentiment and spur outflows, while the government has not formalised reintroduction.
