The deadline for applying deductions and deductions is extended by 6 months until December 31st.
Introduced the national employment insurance system, handled the revision of the income tax law and corporate tax law
The tax credit benefit granted to good landlords who voluntarily reduce rent to small business tenants will be raised from 50% to 70%.
The National Assembly’s Planning and Finance Committee held a plenary meeting on the 19th, and the contents of raising the income and corporate tax credit rate applied to the current reduction of the good landlord system from 50% to 70% and the deadline for applying the deduction from June 30 to December 31 this year. It was decided to extend it by six months to work.
However, landlords who exceed 100 million won in total income are subject to a 50% deduction rate according to the current standard.
Considering the Corona 19 situation, it was decided to postpone the post management of the employment increase tax system (additional tax deduction + non-deduction for remaining periods) for companies that reduced their employment last year.
The government provides income and corporate tax credits of 4 million to 12 million won per year per employee with increased employment compared to the previous year. Even if companies receiving such benefits in 2019 reduced their employment last year, follow-up management such as tax collection is applied. It doesn’t. The company must maintain the 2019 employment level in 2021-2022 to continue to receive tax benefits.
In addition, the committee on this day also handled amendments to the Income Tax Law and Corporate Tax Law, which shortened the monthly cycle of the daily wage income payment statement submitted every quarter and the simplified business income payment statement submitted every half year for the introduction of the’national employment insurance’ system. did.
The additional tax rates paid in the case of not submitting or delaying the payment statement for daily wage income were lowered to 0.25% and 0.125%, respectively, reducing the burden of employers.
Small businesses with less than 20 full-time employees will be exempt from penalties temporarily for one year from July to next June if they submit the payment statement that must be submitted each month by the current submission deadline. Penalty tax is also exempted when the amount of the unclear amount in the payment statement is less than a certain percentage, such as when the income statement is incorrectly written in the personal information and payment amount, etc.
The Committee said that the bills handled on that day will be presented to the plenary session on the 26th after passing through the Judiciary Committee.
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