South Korea's State Taxation Department: Cryptocurrency from overseas working income must be declared and paid income tax

According to Foresight News, according to Digital Asset, the South Korean State Taxation Department (NTS) has made it clear that virtual assets obtained from overseas companies as labor income must be declared in a comprehensive income tax return. In March this year, the State Taxation Department received an inquiry on whether residents who sign separate incentive contracts with foreign companies and obtain cryptocurrencies from them need to declare them as income from abroad.


The agency confirms that if the tax is not withheld and paid by the Tax Association, the taxpayer will need to submit a comprehensive income tax return. This position of the State Taxation Agency is based on Article 127 of the Income Tax Act (withdrawal and payment liability) and Article 70 of the Global Income Taxation Foundation.

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