By Yi Whan-woo
Households with a monthly income of 6 million won ($5,590) or above will have to pay at least 30,000 won more in monthly income taxes from Feb. 21, the government announced Thursday.
It also said companies in the publishing and performing arts industries will be classified as small- and medium-sized enterprises (SMEs) and thus able to benefit from a tax cut of up to 30 percent depending on the number of their employees and sales
These are among 22 enforcement ordinances drafted by the Ministry of Strategy and Finance, Thursday, as a follow-up measure for its revision to the tax law in August 2013. The ministry said back then that it will increase the amount of tax for those earning an annual income of 55 million won or more, and reduce the tax burden on those earning less.
A single-member household within this income bracket will be levied income tax of 540,000 won, up from 510,000 won. Income taxes for a three-member household will increase to 410,000 won from 380,000 won; a four-member household to 400,000 won from 370,000 won; and a five-member household to 370,000 won from 340,000 won.
Depending on the number of family members, households with a monthly income of 7 million won will be required to pay up to 60,000 won more in income taxes. Those with a monthly income of 10 million won and 20 million won will have to pay an extra 110,000 won and 390,000 won, respectively.
The ministry said the amount of income tax for households earning less than 6 million won or less per month will either be reduced or remain the same.
That of single-member households earning 5 million won or less will fall by 10,000 won. However, it will remain the same for the three-, four- and five-member households in the same income bracket.
The ministry also said SMEs in publication and performing arts industry will be given a tax.
Households with a monthly income of 6 million won ($5,590) or above will have to pay at least 30,000 won more in monthly income taxes from Feb. 21, the government announced Thursday.
It also said companies in the publishing and performing arts industries will be classified as small- and medium-sized enterprises (SMEs) and thus able to benefit from a tax cut of up to 30 percent depending on the number of their employees and sales
These are among 22 enforcement ordinances drafted by the Ministry of Strategy and Finance, Thursday, as a follow-up measure for its revision to the tax law in August 2013. The ministry said back then that it will increase the amount of tax for those earning an annual income of 55 million won or more, and reduce the tax burden on those earning less.
A single-member household within this income bracket will be levied income tax of 540,000 won, up from 510,000 won. Income taxes for a three-member household will increase to 410,000 won from 380,000 won; a four-member household to 400,000 won from 370,000 won; and a five-member household to 370,000 won from 340,000 won.
Depending on the number of family members, households with a monthly income of 7 million won will be required to pay up to 60,000 won more in income taxes. Those with a monthly income of 10 million won and 20 million won will have to pay an extra 110,000 won and 390,000 won, respectively.
The ministry said the amount of income tax for households earning less than 6 million won or less per month will either be reduced or remain the same.
That of single-member households earning 5 million won or less will fall by 10,000 won. However, it will remain the same for the three-, four- and five-member households in the same income bracket.
The ministry also said SMEs in publication and performing arts industry will be given a tax.
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