Simplified version of year-end tax settlement service begins on Friday
Updated: 2021-01-15 10:02:37 KST
Starting Friday, South Korea's full-time employees can access the data needed for the annual year-end tax settlement.
This year, the National Tax Service is providing taxpayers with a much more simplified version of the service,… allowing them to easily see necessary information at one look.
The new service also allows users to log in to the system using digital key certificates including PASS and Kakao.
It's important to note, these certificates issued by private companies will only work using PCs.
Taxpayers can get access to the data between 6AM and midnight after logging into the NTS 'Hometax' website.
On top of the simplified system, users can now access more data for tax deductions.
Also from this year, the NTS is providing additional expense data on glasses purchases, health insurance, as well as relief funds.
Taxpayers will also be able to look up monthly taxes paid to landlords of public rental houses.
A facility for reporting false or unavailable medical expenses will be available until the 17th.
Full-time workers can save some money this year too,… as the government is greatly expanding tax deduction on credit card spending.
The income deduction rate on credit card expenses has been raised to 30-percent, and debit cards to 60-percent, for March 2020, when COVID-19 infections became more widespread .
From April to July, the percentage of tax deduction for credit card payments is as high as 80-percent.
The application for income deduction and tax credit for foreign employees are identical to those for South Korean nationals,.. however housing related deductions and credits do not apply.
Depending on the foreigner's status as a resident or non-resident, the extent of tax obligations also differs.
Specific guidelines on the year-end tax settlement for foreigners are available on the NTS website in different languages, including English.