Liberal Party's Song Eun-seok Calls for Abolition of Digital Asset Tax

Liberal Party MP Song Eun-seok has reiterated his call for the abolition of digital asset (digital asset) taxation. During a speech at the '2022 Korean Accounting Association Digital Asset Symposium' on December 6, he emphasized the need to address tax fairness between stocks and digital assets, warning that imposing taxes could lead to significant capital moving to global markets such as Singapore and Hong Kong.

On December 16, Song posted on Facebook stating, 'Digital asset income tax must be abolished.' He further explained that considering tax equity with stocks and the characteristics of a global single market, there is a high risk of substantial funds migrating overseas if taxed. He also argued that increased tax revenue should be used to repay national debt and reduce citizens' tax burden rather than increasing debt. Song noted that next year's state debt will reach 1520 trillion won, stating it is difficult to justify taking on more debt when tax revenues have significantly risen. He highlighted that income tax for next year is projected at 180 trillion won, a 36% increase from this year, while national income has not grown proportionally, calling the tax burden heavy.

Song previously introduced a bill to abolish digital asset income tax in March as the Liberal Party's floor leader and advocated for it to be processed as the first bill of the second session of parliament.