1.2 billion won based on transfer tax · One-year deferral of virtual asset taxation… Income tax law passed

The standard amount of high-priced houses subject to capital gains tax per household will be raised from 900 million won to 1.2 billion won.

In addition, the tax on virtual assets has been delayed by one year from next year to 2023.

The National Assembly held a plenary session tonight (2nd) and voted to amend the Income Tax Act.

When the amendment bill is promulgated, the standard amount of 'expensive houses', which has been maintained at 900 million won since 2008, will increase by 300 million won to 1.2 billion won.

Accordingly, capital gains tax will not be levied if a single homeowner sells a house for less than KRW 1.2 billion.

The amendment also delayed the effective date of taxation on virtual assets from the previous 1st of the following month to January 1, 2023.

The government expressed negative opinions about both directions for the reasons such as market stability, but the ruling Democratic Party pushed through, saying it should reflect the market reality, etc.

(Photo = Yonhap News)