From this year’s year-end settlement, workers do not have to bring separate receipts for eyeglass purchases or monthly rent payment data for public rental housing. It is directly collected by the National Tax Service and provided directly as a simplified service within Hometax. On the 23rd, the National Tax Service introduced a system that will change from this year ahead of the year-end settlement of workers.
Public rental housing monthly rent payment data, etc.
Provided as a hometax simplified service
You can also access it with a private certificate
First of all, the payment details for glasses that workers had to collect themselves are provided by the Internal Revenue Service as simplified data. This is the result of the National Tax Service’s persuasion of eyewear operators who refused to submit data due to leakage of business information.
The National Tax Service also collects and provides data on monthly taxes paid to public rental housing businesses such as the Korea Land and Housing Corporation (LH) and the Public Employees Pension Service. However, the data on the monthly tax paid for private rental housing must be collected by workers. It also provides data on the amount of injured medical insurance payments received and donations related to this year’s Corona 19 emergency disaster support fund as a simplified service.
The National Tax Service also introduced a new tax system from this year. The deduction rate for credit card usage from March to July this year has increased from 15% in March to 30% in March and 80% in April-July. In the past, when small and medium-sized employees rented their homes at a low interest rate or free of charge, they paid taxes based on their income as much as the related housing expenses. However, starting this year, related profits have been excluded from income. Spousal maternity leave is also not included in the amount. The tax-free limit on profits obtained when executives and employees of venture companies exercise stock options was also increased from 20 million won to 30 million won per year. It is to attract excellent talent to these companies. A 50% income tax reduction benefit has also been established when excellent Korean talents residing abroad, such as a Ph.D. in Science and Engineering, return to Korea.
Religious persons will be subject to additional tax starting this year if they do not submit or incorrectly fill out the income payment statement. The penalty is 1% of the amount paid. Religious activity expenses paid to religious persons are non-taxable items, but are subject to payment statements. For this reason, even religious institutions that paid only religious activity expenses to religious persons must submit payment statements by March 10 next year. Lee Jun-hee, head of the withholding tax department at the National Tax Service, said, “From this year-end settlement, you can access Hometax with a private certificate in addition to the existing public certificate.” ”
Sejong = Reporter Kim Do-yeon [email protected]