Tax prep books fly of shelves as new rules takes effect

/ Courtesy of Interpark

Booksellers are apparently reaping the benefits of the country’s new tax code, which takes effect this year, as citizens scramble to buy self-help tax books.

Since changes in the rules were applied for the first time this year, more wage earners have looked for guidance on how to get the most money back, or how to pay the least amount of income tax.

According to online shopping mall Interpark, sales of tax preparation books have increased by 4.5 percent in January, on a year-on-year basis.

Such books cover changes to the tax law, provide instructions for preparing tax returns, and offer valuable tips for planning one’s finances.

“People are more interested in spending less rather than earning more especially when the country is in the midst of an economic downturn,” Park Jun-pyo, a merchandiser at Interpark, said. “Once you understand the concept of this year-end tax adjustment, you will be able to map out this year’s spending plans more easily.”

The Ministry of Strategy and Finance revised the tax code in September 2012, decreasing the number of tax exemptions and converting some tax deductions into tax credits. The move aimed to collect less and refund less taxes.