time now for our life and info segment where we focus on information useful for
your everyday life and today we are particularly talking about people
watching us in Korea there are less than two months left of 2019 and we have our
reporter Hong Yu in the studio to inform us about the year-end tax adjustment in
South Korea thank you for joining us today there's no getting around the fact
that this is a complicated process yes Mart the ear antics adjustment is a
process where people who have contributed to the economy will get
their taxes back if they have paid more than their income gross income or pay
more if they have paid less and it's a long complicated process for you to
calculate everything for the ear antics adjustment and so the government is
providing a simplified service to help people out but again one needs to gather
detailed data on their expenses and do the math themselves plus they also have
to knowledge the changes in items that benefit from a tax deduction every year
so procrastinating could see you being hit with a textbook yeah and that's
exactly what happened to a non Korean friend of mine here when he left Korea
he was hit with a tax bomb like that and was forced to pay it of course but what
are some of the changes we are seeing this year this year people who are
earning less than 60 thousand US dollars a year and have paid for museum
entrances or art galleries after July 1st with credit cards will get 30% of
the price back before calculating tax if the income tax deduction amount has
surpassed its limit of 20% of earning you can get another eight hundred sixty
dollars an income tax assumption also postpartum care expenses is now included
in medical expenses that are eligible for a tax deduction again people who
earn less than sixty thousand US dollars in year can get up to two thousand five
hundred dollars of tax assumption for every child the mother has to submit
evidential documents with her name and the receipt to her company for donations
bigger than $1,600 30 percent of the donation gets paid back in a tax rebate
if you didn't get it back last year because the benefit was limited to
donations bigger than $17,000 you can get it back this year and there is a
good news for the injure from May 18th democratic movement and people with
disabilities do too after effective defoliant as they can get a 90 percent
income tax exemption if they are employed in small and mid-sized firms
until last year only women resuming their careers after
maternity brace elders disabled and people up to 33 years old newly employed
to SMEs could benefit from it okay so it sounds like have lots of babies and also
donate money to charity and you might be able to get a lot more money back in tax
but are there some other people in society that can benefit from other
types of tax exemptions yes production workers benefit from an
income tax assumption for their night service and this year people working in
care services or beauty related services and accommodation services who are
earning less than $1,800 a month will get an income tax assumption and workers
that don't own a home or own a single home get the interest back on mortgage
loans paid to financial institutions but the house they own has to be worth less
than four hundred thirty thousand dollars well as with all things tax
related it is a complicated process getting all your figures and numbers in
order but is there a way we can estimate how much tax we might have to pay before
we actually get into the tax office yes the National Tax Service is providing a
preview service for people to allow them to put in their expenses in earnings to
estimate a calculated estimated amount of their tax payment or their rebate the
service is available online okay that's good to see that's just an estimate
you're gonna get though once you get to the tax office then it might be a little
bit more a little bit less but let's hope we avoid getting hit with a huge
tax bill this year as a way song EU thanks very much for
coming in and sharing that information with us today my pleasure
you