Finance ministry announces major rules changes in S. Korea from 2nd half of 2020
- 4 years ago
승용차 개소세 30% 인하•임차인 보호 강화…2020 하반기부터 무엇이 달라지나
A lot of changes coming our way in South Korea in the second half of the year.
You will receive a 30-percent discount on tax when buying new cars...
If you're a homeowner, you'll have give at least two months' notice to the tenants if you do not wish to renew your contract.
Our Yoon Jung-min walks us through some of the one-hundred-53 rule changes announced by the Ministry of Economy and Finance.
Some one-hundred-53 new rules were revealed Monday by the Ministry of Economy and Finance. From the second half until the end of this year, people will be able to get a 3-point-5 percent discount on consumption tax when buying new cars in South Korea.
The special consumption tax for cars was at 5-percent, but was temporarily lowered to 1-point-5 percent due to the impact of COVID-19.
Consumers will get more tax benefits for buying relatively expensive cars as the cap on tax discounts will be expanded.
Low-income workers will be eligible for loans of up to 25-thousand U.S. dollars and at lower interest rates, including financial support for medical or living expenses.
Also, people working in the arts industries will be protected by employment insurance.
This comes as there has been a number of artists marginalized from the insurance system,... with some excluded from receiving unemployment benefits.
From December, homeowners must notify tenants at least two months in advance if they aren't going to renew a lease contract.
If they fail to do so, the contract will be automatically renewed in the tenants' favor.
Currently, a tenant can be notified just one month in advance.
Also, the government will allow various types of digital signatures this year.
This comes as the public certification system will no longer have its exclusive legal status from December.
As well as these changes, the government plans to impose stricter punishments for voice phishing scams,... while providing more free vaccines to children under 13 years-old.
Also, mom-and-pop stores will be due to pay less in value added tax.
More details and other changes can be checked on Ministry of Economy and Finance website.
Yoon Jung-min, Arirang News.
A lot of changes coming our way in South Korea in the second half of the year.
You will receive a 30-percent discount on tax when buying new cars...
If you're a homeowner, you'll have give at least two months' notice to the tenants if you do not wish to renew your contract.
Our Yoon Jung-min walks us through some of the one-hundred-53 rule changes announced by the Ministry of Economy and Finance.
Some one-hundred-53 new rules were revealed Monday by the Ministry of Economy and Finance. From the second half until the end of this year, people will be able to get a 3-point-5 percent discount on consumption tax when buying new cars in South Korea.
The special consumption tax for cars was at 5-percent, but was temporarily lowered to 1-point-5 percent due to the impact of COVID-19.
Consumers will get more tax benefits for buying relatively expensive cars as the cap on tax discounts will be expanded.
Low-income workers will be eligible for loans of up to 25-thousand U.S. dollars and at lower interest rates, including financial support for medical or living expenses.
Also, people working in the arts industries will be protected by employment insurance.
This comes as there has been a number of artists marginalized from the insurance system,... with some excluded from receiving unemployment benefits.
From December, homeowners must notify tenants at least two months in advance if they aren't going to renew a lease contract.
If they fail to do so, the contract will be automatically renewed in the tenants' favor.
Currently, a tenant can be notified just one month in advance.
Also, the government will allow various types of digital signatures this year.
This comes as the public certification system will no longer have its exclusive legal status from December.
As well as these changes, the government plans to impose stricter punishments for voice phishing scams,... while providing more free vaccines to children under 13 years-old.
Also, mom-and-pop stores will be due to pay less in value added tax.
More details and other changes can be checked on Ministry of Economy and Finance website.
Yoon Jung-min, Arirang News.