From next year, if annual income (based on tax base) exceeds 1 billion won, 45% should be paid as income tax. Individual business owners with annual sales of between 48 million and 80 million won are also subject to simplified VAT. Electrical equipment safety checks for apartments and traditional markets will be strengthened, and the amount of support for national pension insurance premiums for farmers will rise to a maximum of 45,000 won per person per month.
Published “This will change from 2021”
On the 28th, the Ministry of Strategy and Finance published a booklet titled “This will change from 2021” containing this information. Introducing the main contents of the economic field.
On the afternoon of the 18th, a merchant appears in front of a store at Namdaemun Market in Jung-gu, Seoul, waiting for customers. yunhap news
◇ Securities transaction tax will decrease from next year
Currently, the highest income tax rate is 42%. It is applied when the annual income exceeds 500 million won. From next year, it will be more subdivided and the maximum tax rate will rise to 45%. A tax rate of 45% is applied for annual income exceeding 1 billion won, and 42% for over 500 million won to less than 1 billion won.
The application of the simplified VAT tax, which was tied to annual sales of less than 48 million won, will expand to less than 80 million won next year. The standard of sales that are exempt from the obligation to pay VAT among simple taxpayers will also be eased from less than 30 million won to less than 48 million won per year. However, real estate rental business and taxable entertainment venues are subject to simple taxation only when their annual sales are less than 48 million won.
In the future, operating companies such as dormitories, gosiwons, reading rooms, and beauty salons must also issue cash receipts. Currently, nine have been added to the obligatory issuance of 77 individuals.
A system that changes in the new year. Ministry of Strategy and Finance
From next year, the securities transaction tax rate will be gradually cut. The current transaction tax rate, which is 0.1% for KOSPI and 0.25% for KOSDAQ, decreases by 0.02 percentage points on January 1 of next year to 0.08% and 0.23%, respectively. In 2023, KOSPI is expected to drop to 0% and KOSDAQ to 0.15%.
The investment tax credit, which was divided into 10 categories such as R&D facilities, productivity improvement facilities, and safety facilities, will be unified as one integrated investment tax credit system. Excluding land, buildings, vehicles and equipment, all investments in tangible assets for general use are eligible for tax credit. The basic deduction rate is applied to 1% for large companies, 3% for mid-sized companies, and 10% for SMEs. Here, an additional 3% deduction is included for the amount that exceeded the average investment for the previous three years. For investments related to new growth technologies, a 2% preferential deduction is added to the basic deduction.
◇Three times punitive compensation for stealing ideas from SMEs
From next year, the safety grade of electrical equipment will be subdivided into five grades of’A·B·C·D·E. Until now, it has only been judged as’conformity or non-conformity’, but the detailed factors that cause electric fires are evaluated and managed.
Electrical safety checks in apartment houses (apartments) and traditional markets that are vulnerable to fire are strengthened. Transformers, switchboards, and power reception facilities, as well as distribution boxes, circuit breakers, and wiring in buildings are added to the inspection targets.
An electricity meter installed in a multi-family house in Seoul on the 18th. News 1
In addition, the target of financial support such as investment and financing to promote technology commercialization, which was limited to SMEs, will be expanded to mid-sized companies next year. In addition, companies that deliberately steal the ideas of small and medium-sized venture companies must compensate up to three times the amount of damage.
In addition, in order to sell BB guns equipped with a device that slows the firing rate of BB bullets (immo limiting device), safety management standards must be observed. The bullet speed limiter must be made so that it cannot be separated from the BB gun, and the attachment location and the notice of prohibition of modification must be marked on the product. This is a measure to prevent illegal modification.
◇Support for pre-living in rural areas, sea navigation
The amount of support for national pension premiums for farmers will increase from the current maximum of 43,650 won to 45 million won next year. Monthly support is provided per person, not exceeding half of the pension premiums to be paid. Instead, you can receive support only if your comprehensive income does not exceed 60 million won per year (based on the imposition of comprehensive income tax) and your property does not exceed 1 billion won (based on the property tax taxation standard).
The labor cost of supporting farming manpower for vulnerable farmers who have difficulty working due to accidents or diseases on less than 5ha of arable land will also increase next year. It is increased from 70,000 won per day to 80,000 won. Of the 80,000 won per day, 70% (56,000 won) is supported by the government and the remaining 30% (24,000 won) is borne by the farmers.
A program where you can experience rural and agricultural life for up to 6 months in advance will also be implemented next year. Programs tailored to each region are provided, such as farming practice, field trips, and village development. If you participate in the program for more than 15 days a month, you can receive a monthly training fee of 300,000 won.
A system that changes in the new year. Ministry of Strategy and Finance
‘Sea Navigation’ will also be released next year. Like on land roads, it provides destination, weather, and marine safety information to ship operators in real time, even at sea. It utilized a high-speed maritime wireless communication network (LTE-M) that can transmit large amounts of data from coast to sea up to 100km.
From March 1 of next year, the direct payment system for fisheries public benefits will be implemented. Direct payments are paid to elderly fishermen who want to hand over work to young and old, fishermen who work on fishing boats while protecting fishery resources, and fishermen who produce fishery products in an eco-friendly manner. Payment requirements, methods, and application methods will be confirmed and announced by the Ministry of Oceans and Fisheries.
The fuel tax on coastal cargo ships (diesel) is cut by 15%. Next year, coastal freight forwarders will only need to pay 104.25 won of fuel tax, which is 528.75 won per liter of diesel. Up to 15% reduction (78.96 won) is applied to the fuel tax subsidy (345.54 won).
It also speeds up the work of reducing styrofoam buoys, which are heavily polluted. The amount of support for eco-friendly buoys increased from 7 billion won this year to 20 billion won next year. The supply of eco-friendly buoys (target) from 2 million this year will increase to 5.7 million next year.
Sejong = Reporter Cho Hyun-sook [email protected]