South Korea is moving toward a January launch for its planned tax on virtual-asset income, but the government still has not produced estimates for how much revenue the measure could raise or what it would cost to administer.

Data presented to lawmakers showed that neither the Ministry of Economy and Finance nor the National Tax Service has provided figures for the expected tax impact or the additional collection expenses tied to the levy. The gap comes as the issue heads into parliamentary debate ahead of the scheduled start next year.

No official revenue forecast yet

According to the materials shown to lawmakers, the finance ministry has not calculated expected tax revenue from the new virtual-asset tax. The ministry said a reasonable estimate is difficult because the first filing under the system would not take place until May 2028.

The National Tax Service gave a similar explanation. It said it does not have filing records or tax data related to the levy before enforcement, limiting its ability to produce a forecast in advance.

Collection costs remain unclear

The lack of estimates is not limited to revenue. No concrete projection has been presented for the administrative costs that would arise after the tax takes effect.

So far, the budget assigned to prepare for crypto taxation totals 3.626 billion won, or about $2.7 million. However, that figure covers preparation and does not amount to a full estimate of operating costs once the system is in force.

Budget office flags limited data

The National Assembly Budget Office also pointed to the shortage of usable information. It said there is not enough data to reasonably estimate how tax revenue would change if crypto taxation were abolished.

The same office proposed increasing the minimum taxable threshold to as much as 20 million won, or roughly $14,800. The source article did not say whether that proposal would be adopted.

January timeline still stands

Despite the missing revenue and cost calculations, taxation of virtual-asset income is still scheduled to begin in January next year.

That leaves lawmakers to debate the policy without official estimates for either expected receipts or the burden of collection. Based on the information disclosed so far, the absence of those figures is likely to be a central issue as parliament considers the measure before the planned launch.

Source: en.bloomingbit.io