South Korea Tax Agency Issues Guidance on 2024 Tax Deductions for Year-End Settlements

The South Korean National Tax Service May 7 issued a guidance on tax deductions for year-end settlements for 2024. The guidance includes: 1) that specified individuals with salaries of 70 million South Korean won (US$51,299) or less will be eligible for monthly rent deductions, including a 17 percent deduction from monthly rent if they earn 55 million won (US$40,306) or less per year, and a 15 percent deduction of monthly rent if they earn over 55 million won per year, with a total deduction limit of 7.5 million won (US$5,496) per year; 2) the requirements for housing fund deductions, including ...