Year-end settlement starts… What is the’check point’ of the new tax law?

【Anchorment】
The season of year-end settlement is back.

For a year-end tax refund, called the ’13 month bonus’, it is important to look closely at the changed tax laws.

Reporter Kim Jong-min organized the system that has changed from the year-end settlement schedule.

【 reporter 】
The year-end settlement schedule for workers will begin on the 15th of the following month with the opening of the simplified service of the National Tax Service.

The proof of deduction provided by the Simplified Service will be available for a month starting on the 15th of the following month.

Starting this year, data on the monthly rent for public rental housing, the cost of purchasing glasses, and the amount of actual loss insurance received, as well as data on donations for emergency disaster support will be provided.

Evidence materials that are not provided by the Simplified Service must be collected by the worker and presented to the company by February 28, next year, the deadline for submitting a deduction report.

【Standing】
The simplified service can be accessed anytime, anywhere, even with a smartphone using the IRS Sontax app.

【 reporter 】
In this year’s year-end settlement, it is the’Card Income Deduction’ with the largest amount of deduction.

First of all, the deductible will increase by 300,000 won, up to 3.3 million won.

The deduction rate is also 15-40% from January to February, depending on the type of card and where it is used, and doubles in March for each user, and increases to 80% in a batch from April to July.

The tax benefits for pension accounts are also expanded.

Until 2022, only those who are 50 years of age or older and whose total salary is 55 million won or less, the payment limit will be temporarily increased by 2 million won for three years until 2022.

When converting an expired Personal Asset Management Account (ISA) into a pension account, the payment limit is raised by the converted amount.

Among the requirements for non-taxation on overtime allowance for production workers, the total wage standard for the previous year was reduced from 25 million won to 30 million won or less.

Interest income generated when employees of small and medium-sized enterprises borrow money from the company to purchase or rent a home at no interest or at a low interest rate will be excluded from earned income from this year.

Marriage and child education have been added to the reasons for recognition of career interrupted women receiving income tax reduction, and the period of recognition has also increased to within 15 years after retirement.

In addition, spouse maternity leave benefits are excluded from taxation.

In addition, workers in service industries such as creative arts, sports, libraries and historic sites, and leisure-related service businesses can also receive income tax reduction from this year.

The National Tax Service urged the use of YouTube tax help materials (https://www.youtube.com/user/ntskorea) and the’Chatbot Real-Time Consultation Service’ of Hometax (www.hometax.go.kr).

This is TBS Kim Jong-min.

#National Tax Service #Year-end settlement #Simplified service #Home Tax #Son Tax #Saving

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