For the realization of fair taxation amongst different income classes and types, the government plans to increase the income disclosure rate of private business owners from the current 50-60 percent to approximately 80 percent by 2015 and to increase the portion of taxable population among these people by about 15 percentage points to 70 percent.
In addition, the government aims to raise the bookkeeping rate of private business owners by 3 percentage points every year so that the rate would be raised from last year’s approximately 56 percent to about 80 percent by 2016.
The Ministry of Finance and Economy (MOFE) announced on January 30 that the income disclosure rate of private business owners such as retailers is to be gradually increased and that starting this year, systematic changes are to be made to increase the transparency in cash transactions and business.
Accordingly, the minimum 5,000-won transaction value required for a cash receipt issue is to be abandoned starting from this July, and the system which allows deduction in taxable income in accord with one’s credit card spending is to be revised: 20 percent of the expenditures that exceed 20 percent of one’s total earned income is to be tax-exempt.
Such changes in the taxable income deduction system are to remain effective until Dec.31 2009. Items eligible for credit card linked taxable income deduction include spending on check & prepaid cards which are issued by Korea Federation of Savings Banks (KFSB) and National Credit Union Federation of Korea.
Meanwhile, for people subject to double-entry bookkeeping, the deduction rate of the registered tax amount is to be increased from 15 percent to 20 percent.
[Min-jeong Lee / KHS]
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
In addition, the government aims to raise the bookkeeping rate of private business owners by 3 percentage points every year so that the rate would be raised from last year’s approximately 56 percent to about 80 percent by 2016.
The Ministry of Finance and Economy (MOFE) announced on January 30 that the income disclosure rate of private business owners such as retailers is to be gradually increased and that starting this year, systematic changes are to be made to increase the transparency in cash transactions and business.
Accordingly, the minimum 5,000-won transaction value required for a cash receipt issue is to be abandoned starting from this July, and the system which allows deduction in taxable income in accord with one’s credit card spending is to be revised: 20 percent of the expenditures that exceed 20 percent of one’s total earned income is to be tax-exempt.
Such changes in the taxable income deduction system are to remain effective until Dec.31 2009. Items eligible for credit card linked taxable income deduction include spending on check & prepaid cards which are issued by Korea Federation of Savings Banks (KFSB) and National Credit Union Federation of Korea.
Meanwhile, for people subject to double-entry bookkeeping, the deduction rate of the registered tax amount is to be increased from 15 percent to 20 percent.
[Min-jeong Lee / KHS]
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
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