Year-end tax settlement 2023
Various revisions have been made to the tax credit provisions for the 2023 year-end tax settlement.
Key revisions for the year-end tax settlement include changes to pension account tax credits, child tax credits, and hometown donation tax benefits. In this edition, we cover the following updates:
- Adjustment of the child tax credit eligibility age to 8 years and older
- Relaxation of the market value criteria for monthly rent tax credits, now applicable to housing with a standard price of 400 million KRW or less
- Conclusion of the temporary expansion of donation tax credits
- Introduction of a new tax credit for hometown tax donations
- Pension account tax credits
- Reduction of the income tax credit limit for earned income
- Expansion of income tax exemption limits for employees of small and medium-sized enterprises
For detailed information, please refer to the materials below. If you have any questions about these year-end tax updates, please feel free to contact us at any time.
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