Proposed Bill: Partial Amendment to the Income Tax Act Representative Song Eon-seog (People Power Party) has proposed an amendment to the Income Tax Act that seeks to defer the enforcement date of taxation on income from virtual assets. Currently, income from the transfer or lease of virtual assets is set to be subject to taxation from January 1, 2025, but the proposed amendment aims to push back this date to January 1, 2028. The rationale behind this amendment is to address concerns about the high-risk nature of virtual assets, which could lead to a mass exodus of investors from the market if taxation is imposed too hastily. The goal is to achieve tax parity between physical assets and virtual assets, but the proposed amendment acknowledges the need for a more cautious approach in light of the current market sentiment. Proposed Bill: Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation Representative Hwang Jung-a (Democratic Party of Korea) has introduced a bill focusing on incentivizing corporate investment in research and development (R&D) and human resources (HR) development. The bill seeks to achieve this by extending the expiration date and increasing tax deduction rates for these areas, aiming to promote further investment and growth in R&D and HR development. For any inquiries regarding the bills, please contact cr@draju.com. Adblock test (Why?)