돌아온 연말정산 시즌… 올해의 눈여겨 볼만한 세액공제 혜택은?
It's now time to start filing your taxes as we wind down the year 2024.
That being said our Moon Hye-ryeon walks us through some of the potential tax deductions for this year.
Do take a listen.
As the year comes to a close and a new one approaches, taxpayers in South Korea are gearing up for year-end tax settlements – a crucial annual process that determines refunds and deductions while offering opportunities to maximize financial benefits.
And this year, families starting from newly married couples to those with children, stand to benefit.
Couples who register their marriage between this year and 2026 will be eligible for a 500-thousand Korean won tax deduction – which equates to roughly 342 U.S dollars.
This is something that taxpayers can redeem only once, regardless of whether it is a first or subsequent marriage.
For families with children, all medical expenses for children aged six and under will be fully deductible.
Postpartum care is also now included as a medical expense, with even high-income earners with a total salary exceeding 70 million Korean won able to include up to 2 million won in postpartum care expenses within their deductible medical expenses.
Additionally, the new reform to the child tax credit means that families with two or more children between eight and twenty years old will receive an additional 50-thousand won deduction.
Several changes address housing cost burdens, for buyers and renters alike.
The maximum income deduction for long-term mortgage loan interest has been increased to 20 million won, with the standard price threshold for eligibility raised from 500 million to 600 million won.
Workers with a total salary of 80 million won or less can deduct 15 percent of their annual rent payments, up to a limit of 10 million won.
For those with a total salary of 55 million won or less, the deduction rate is even higher at 17 percent.
And to encourage spending to boost domestic demand, an additional income deduction is available for increased credit card and cash receipt usage.
If spending has increased by more than 5 percent compared to the previous year, 10 percent of the increased amount, up to a limit of one million won, can be deducted.
These changes represent a significant shift in Korea's tax landscape, offering substantial support to families and workers across various financial situations.
It is crucial for taxpayers to familiarize themselves with these new regulations to maximize their benefits during the upcoming year-end tax settlement.
Moon Hye-ryeon, Arirang News.
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2024-12-26, 17:00 (KST)
