On July 9 (UTC+8), the South Korean National Tax Service clarified that residents who receive virtual assets from overseas companies as compensation for labor must declare comprehensive income tax in accordance with the law. In a response in March of this year, the National Tax Service pointed out that if residents do not conduct withholding tax through a tax association and receive virtual assets from foreign companies as labor income based on incentive contracts, they must fulfill the obligation to declare comprehensive income tax. A case mentioned in the report shows that Singaporean company B plans to distribute virtual assets to employees of its Korean subsidiary, company C. The employee signed an incentive contract with Singaporean company B, engaged in blockchain and virtual asset exchange-related work according to its instructions, and received virtual assets as compensation. (Source: Odaily) [MetaEra]