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(Sejong = Yonhap News) Reporter Kwak Min-seo = The government will significantly shorten the period of submitting data on income payments for employers in order to subscribe to the National Employment Insurance.
However, in the case of small businesses, the penalty tax is exempted conditionally and the penalty tax rate is also lowered due to insufficiency in submitting the income payment statement.
The Ministry of Strategy and Finance announced on the 5th that it plans to submit amendments to the income tax law and corporate tax law to the National Assembly at the end of this month.
First of all, in the process of expanding the application of employment insurance, the Ministry of Information and Transportation will shorten the frequency of submitting income payment statements of income payers from quarterly to monthly in order to timely determine national income.
Both the statement of payment of daily earned income for daily workers and the statement of simple business income for special type workers (special notice) are eligible for submission.
Through this, the government aims to identify the income of daily workers and special advisors and enable them to subscribe to employment insurance.
In addition, the penalty tax imposed when the payment statement is not submitted is partially supplemented.
It is a device to prevent the burden of employers from increasing excessively.
First, if the statement of payment of daily earned income is not submitted within the deadline, the penalty tax rate will be reduced from the current 1% to 0.25%.
If the payment statement is submitted within one month after the deadline for submission, the penalty tax rate is reduced from 0.5% to 0.125%.
Small businesses with less than 20 regular employees are conditionally exempt from penalties.
If small business owners submit monthly payment statements by the current submission deadline, additional tax will be temporarily exempted for one year from July to next June.
Currently, small business owners are required to submit a statement of daily wage and salary income on a quarterly basis, and a statement on simplified business income on a semi-annual basis.
In addition, additional tax is exempted even if the amount unclear on the payment statement is less than a certain percentage.
This is the case when the payment cannot be confirmed due to incorrectly writing down personal information or payment amount of the income earner.
The period of submission of taxation data for providers of workplaces related to service provision is shortened from annual to quarterly.
Earlier, the government announced a roadmap for the entire National Employment Insurance that will allow 17 million wage workers and special high school/platform workers to subscribe to employment insurance by 2022.
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Meanwhile, companies that reduced their employment due to the hit of a novel coronavirus infection (Corona 19) last year will also receive benefits from the tax credit for increased employment.
The government announced on the day that even if employment declined in the aftermath of Corona 19 last year, it is planning to propose an amendment to the Restriction of Special Taxation Act with the main idea of continuing to apply the tax credit benefit from the increase in employment in 2019.
The Employment Increase Tax Credit is a system that lowers income tax or corporate tax if companies increase their employment compared to the previous year.In the current system, when a company that previously received benefits decreased employment last year, the amount that was deducted had to be vomited.
The government believes that there will be companies that have inevitably reduced their employment due to Corona 19, and these companies not only exempt them from collecting the deductions they have already received, but also decided to provide tax credits without change for three years from the beginning.
In addition, the government decided to reduce the capital gains tax by 10% when a resident transfers land for housing construction to a public rental housing builder.
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2021/01/05 14:32 sent