Korean National Tax Service: Income from overseas work in cryptocurrency must be declared and subject to income tax

ChainCatcher news, according to Digital Asset, the National Tax Service (NTS) of South Korea has clearly stated that virtual assets obtained as labor income from overseas companies must be reported on the comprehensive income tax return. In March of this year, the tax office received an inquiry asking whether residents who sign independent incentive contracts with foreign companies and receive cryptocurrency from them need to report it as foreign income.

The agency confirmed that if taxes are not withheld and paid by the tax association, taxpayers must submit a comprehensive income tax return. The NTS's position is based on Article 127 (Withholding Tax Responsibility) and Article 70 (Final Declaration of Global Income Taxation Basis) of the Income Tax Act.