1 Homeowner transfer tax is raised to 1.2 billion won based on non-taxation… One-year deferral of virtual asset taxation
Expansion of requirements for family business inheritance deduction for medium-sized companies and for subscription to Youth Hope Savings
The tax law amendment bill passed by the plenary session of the National Assembly… Tax deduction rate for infertility treatment costs 20 → 30%
The threshold for capital gains tax exemption for a single household per household will be raised to 1.2 billion won.
The tax on virtual assets, which was originally scheduled to start next year, will be delayed by one year to 2023, and the inheritance tax will be able to be paid instead of artwork from next year.
At the plenary session on the night of the 2nd, the National Assembly handled the amendment to the tax law containing these contents.
First of all, in the case of a single householder, the base amount of capital gains tax exemption will be raised from 900 million won to 1.2 billion won.
The existing system regards houses worth 900 million won or more as ‘high-priced houses’, and grants transfer tax exemption benefits only to non-expensive houses owned by one householder.
However, considering the recent surge in real estate prices, such as apartment prices in Seoul exceeding 1.2 billion won on average, the standard for high-priced housing that has been maintained since 2008 has been adjusted.
The amended bill will be applied from the transfer date after the date of promulgation of the Act.
Considering that it takes 2-3 weeks for the law to be promulgated after it is transferred to the government, the enforcement date is expected to be between the 20th and 31st of next month.
If you are a member of the reconstruction/redevelopment association who acquired the sale right this year, you can enjoy the transfer tax-free benefit.
The revised tax law has expanded and changed the criteria for sale rights that are subject to transfer tax exemption from those acquired after January 1 of this year to those acquired after January 1 of next year.
The tax time on virtual asset income is delayed by one year from January 2022 to January 2023.
Investors in virtual assets will not have to pay taxes on income from transferring or lending virtual assets until next year.
From 2023 onwards, tax at a rate of 20% must be paid on the transfer or rental income of virtual assets exceeding 2.5 million won (basic deduction amount), but the actual tax payment will start in May 2024, the following year.
This is because domestic residents must report and pay taxes on their investment income for the previous year in May of each year.
The arrears period for inheritance tax will be extended from the current maximum of 5 years to a maximum of 10 years.
It will be applied from the beginning of inheritance after January 1 of next year.
An installment payment is a system that provides security for tax payment such as securities and allows the tax to be paid in installments for a certain period of time if the amount of inheritance tax paid exceeds 20 million won.
For the portion of inheritance beginning on or after January 1, 2023, if certain conditions are met, a special case of payment of inheritance tax will be newly established in which the inheritance tax can be paid in lieu of works of art or cultural assets.
The target of medium-sized businesses eligible for family inheritance deduction will increase from less than 300 billion won to less than 400 billion won in sales, and the limit of deduction for agricultural inheritance will be expanded from the current 1.5 billion won to 2 billion won.
To help attract talent from venture businesses, the tax-free limit on stock option exercise gains will be increased from the current 30 million won to 50 million won.
The tax deduction rate for infertility procedures will be increased from 20% to 30%.
The medical expense tax deduction rate for premature or congenital abnormalities will also be increased from 15% to 20%, and in this case, the deduction limit (7 million won) is also excluded.
The requirements for joining the Youth Hope Savings Savings Savings Plan will also be changed and expanded from 24 million won to 26 million won in global income.
The Youth Hope Savings Fund is a product in which the government pays a savings incentive at a certain rate to the amount saved by young people.
The target of joining the youth long-term fund, which provides income deduction benefits to 40% of the paid-in amount, will also be expanded from 35 million won to 38 million won or less.
Any other intentional interference with the customs officer examination or unjustified influence will be punished by imprisonment for not more than two years or a fine not exceeding 20 million won.
The individual consumption tax reduction benefits for Jeju Island and membership golf courses in crisis regions will end at once.
From January 1 of next year, the limit on the reward for reporting hidden property will also be increased from 2 billion won to 3 billion won.
/yunhap news
