[내년 달라지는 것] Increased tax rate for multi-homed people up to 6%

Simple taxation applied to individual businesses with annual sales of less than 80 million won… Securities transaction tax rate cut

Granting the right to withdraw subscription to financial consumers… Introduced punitive penalties to vendors

Up to 12% tax credit for companies investing in new growth technologies

◇ Finance/Financial/Tax

▲ Multi-homed person’s comprehensive real estate tax rate is raised to a maximum of 6% = Multi-homes who own three or more homes from next year or two homes in areas subject to adjustment, such as Seoul, are subject to a tax rate of 1.2 to 6.0% for each tax base section. 1 The tax rate for housing owners also rises to 0.6-3.0%. For corporations, the highest individual tax rate (3.0%, 6.0%) is applied as a single tax rate.

▲ Much of the transfer tax for multi-homed people in the area subject to adjustment = The heavy tax rate applied when multi-homed people sell their homes in the area subject to adjustment is 10% higher than before. Accordingly, the transfer tax of 20% points for the 2nd homeowner’s base tax rate (6~42% for each section), and 30%points for the 3rd homeowner or more will be overkill. The highest transfer tax rate is 62% for 2 homeowners and 72% for 3 or more homeowners.

▲ Simple taxation applied to individual businesses with annual sales of less than 80 million won = The simple taxation currently applied to individual businesses with annual sales of less than 48 million won will be expanded to individual businesses with less than 80 million won. Among simple taxpayers, businesses with annual sales of less than 48 million won are exempt from the obligation to pay.

▲ The income tax rate for high-income people with annual income of over 1 billion won is increased to 45% = A section exceeding the tax base of 1 billion won will be newly established, and the income tax rate for this section will be increased from 42% to 45%.

▲ Securities transaction tax rate cut to 0.08% KOSPI and 0.23% KOSDAQ = Securities transaction tax rate cut to 0.08% KOSPI and 0.23% KOSDAQ, respectively. The reduced tax rate will apply until 2022.

▲ ISA domestic listed stock investment allowed = Domestically listed stocks can be stored in an Individual Asset Management Account (ISA). The contract term will also be eased from 5 years or more to 3 years or more.

▲ Granting the right to withdraw subscription to financial consumers = The Financial Consumer Protection Act is in effect, giving financial consumers the right to withdraw their subscription and terminate illegal contracts. A punitive penalty can be imposed on a seller who violates the sales principle, such as the obligation to explain financial products and prohibition of unfair solicitation.

▲ Mandatory issuance of cash receipts for beauty salons and clothing stores = 9 businesses including hairdressing, clothing retailing, and communication device retailing and related e-commerce retailing will be added to the mandatory issuance of cash receipts.

▲ Up to 12% tax credit for companies investing in new growth technologies = Companies that start investing in new growth can receive tax reduction or exemption for the amount obtained by multiplying the investment amount for the year by the basic deduction rate (1-10%). In the case of investment in facilities for commercialization of new growth technology, a maximum deduction rate of 12% (based on SMEs) is applied.

▲ Corporate tax credit carry-over deduction period is expanded to 10 years = The carry-over deduction period (5 to 10 years) for all tax credits applied to corporate investment, employment, and R&D is extended to 10 years.

▲ Application of the special case of accelerated amortization of facility investment for one year = The special case of accelerated amortization of facility investment assets during the next year is applied to relieve the tax burden on companies in the early stage of asset acquisition.

▲ Non-taxation on capital gains when investing in venture capital’small manager’ companies = When venture capital (VC) makes new investments in materials, parts, equipment (small manager) SMEs, a tax-free system will be established for stock transfer gains.

◇ Culture, sports and tourism

▲ Culture Nuri Card support increased to 100,000 won per year = The support for integrated cultural use rights (Culture Nuri Card) that is provided to basic living recipients and the next class is increased by 10,000 won to 100,000 won per year.

▲ Designated and Registered Cultural Properties Donated to the Cultural Heritage Administration = If it is difficult to manage designated cultural assets or registered cultural assets owned by individuals, they can be donated to the Cultural Heritage Administration.

▲ Establishment of the Cultural Property Repair Technical Committee = Introduce the Cultural Property Repair Technical Committee to deliberate on basic plans for repair of cultural properties.

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2020/12/28 10:00 sent