Changes to year-end tax adjustments in S. Korea
- 5 years ago
We're approaching the end of the year, and for most people in Korea, that means it's tax time.
This year, there are several new deductions filers can claim... for big events like the birth of a child... to mortgage interest and for factory employees who work overnight.
Hong Yoo has the details.
The year-end tax adjustment is coming up and it's a long process for people to calculate everything by themselves.
So the government is providing a simplified service.
But people have to be aware of the changes in tax deductions in order to take full advantage of them.
This year, people who earn less than 60 thousand U.S. dollars a year and have paid entrance fees to museums and art galleries with credit cards after July 1st get 30 percent of those fees deducted before calculating tax.
Also, postnatal care expenses are now included in medical expenses that are eligible for a tax deduction.
Again, people who earn less than 60 thousand U.S. dollars an year can get up to 2-thousand-5-hundred dollars of tax exemption for every birth.
The mother has to submit evidence with her name and the receipt to her company.
Factory workers get income tax exemption for working hours between 10 pm and 6 am.
People working in care services, beauty-related services, and accommodation services who earn less than 1-thousand-800 dollars a month will be exempt from income tax.
And workers that don't own a home or who own a single home worth less than 430-thousand dollars can get the interest back on mortgage loans paid to financial institutions.
To calculate the estimated tax payment or rebate, before the end of the year, people can use the preview service provided by the National Tax Service online.
Hong Yoo, Arirang News.
This year, there are several new deductions filers can claim... for big events like the birth of a child... to mortgage interest and for factory employees who work overnight.
Hong Yoo has the details.
The year-end tax adjustment is coming up and it's a long process for people to calculate everything by themselves.
So the government is providing a simplified service.
But people have to be aware of the changes in tax deductions in order to take full advantage of them.
This year, people who earn less than 60 thousand U.S. dollars a year and have paid entrance fees to museums and art galleries with credit cards after July 1st get 30 percent of those fees deducted before calculating tax.
Also, postnatal care expenses are now included in medical expenses that are eligible for a tax deduction.
Again, people who earn less than 60 thousand U.S. dollars an year can get up to 2-thousand-5-hundred dollars of tax exemption for every birth.
The mother has to submit evidence with her name and the receipt to her company.
Factory workers get income tax exemption for working hours between 10 pm and 6 am.
People working in care services, beauty-related services, and accommodation services who earn less than 1-thousand-800 dollars a month will be exempt from income tax.
And workers that don't own a home or who own a single home worth less than 430-thousand dollars can get the interest back on mortgage loans paid to financial institutions.
To calculate the estimated tax payment or rebate, before the end of the year, people can use the preview service provided by the National Tax Service online.
Hong Yoo, Arirang News.