South Korean National Tax Agency: Residents are required to declare comprehensive income tax on virtual assets obtained from overseas companies in the form of "labor income"

Golden Finance reported that according to South Korean media Digital Asset, the National Tax Agency of South Korea has explicitly stated that residents who obtain virtual assets in the form of labor income from overseas companies also need to declare comprehensive income tax. In response to relevant inquiries in March this year, the National Taxation Bureau stated that if residents obtain virtual assets from foreign companies as overseas labor income based on individual incentive contracts, and do not withhold them through tax combinations, they have an obligation to declare comprehensive income tax. This case involves Singapore Company B's plan to distribute virtual assets to employees of its Korean subsidiary Company C. The employee directly signed an incentive contract with Company B in Singapore, engaged in blockchain and virtual asset exchange related work according to Company B's instructions, and received virtual assets as compensation.