The South Korean National Tax Service mandates that residents declare virtual assets received from foreign companies as part of their income tax, reinforcing compliance measures.
The South Korean National Tax Service has mandated that residents must declare comprehensive income tax on virtual assets received as remuneration from foreign companies. This requirement emphasizes the obligation for taxpayers to self-report income not subject to withholding tax, enhancing compliance standards. The ruling follows a specific case involving a compensation agreement with a Singaporean firm, illustrating the NTS's focus on accurate reporting of virtual asset income.