South Korea's National Tax Service: Residents who receive virtual asset labor remuneration from overseas companies must declare comprehensive income tax

Planet Daily News: The Korean National Tax Service clearly stated that if residents receive virtual assets as labor compensation from overseas companies, they must declare comprehensive income tax according to law. The tax service pointed out in its reply in March that if residents do not withhold taxes through a tax combination and receive virtual assets as labor income from foreign companies based on an incentive contract, they must fulfill the obligation to declare comprehensive income tax. A case mentioned in the report shows that Singapore company B intends to issue virtual assets to employees of its Korean subsidiary company C. The employee signed an incentive contract with Singapore company B, worked on blockchain and virtual asset exchange-related tasks as instructed, and received virtual assets as compensation. (Digital Asset)