2024.07.01. The Fair Economy — Rep. Cho Seung-rae, a member of the National Assembly's Political Affairs Committee, recently announced that he had sponsored, as the first bill of the 22nd National Assembly, an amendment to the Income Tax Act that includes a tax credit for telecommunications fees.
Cho's office explained the background of the bill, saying that the government currently provides tax benefits for essential expenses such as public transportation and housing costs to stabilize household finances, and that the bill aims to extend such benefits to telecommunication expenses, which have become an essential expenditure as mobile phone penetration exceeds 100%.
The tax credit for communication costs was a campaign pledge of the Democratic Party of Korea for the 22nd general election, which Cho personally announced.
The amendment includes up to 15% of mobile communication service fees paid by residents with earned income and basic deduction dependents (such as minor children and parents) in the tax credit scope, setting an annual limit of 150,000 won (about $107).
Cho said, "The 22nd National Assembly must make livelihood stability its top priority. We will enact effective legislation and policies that citizens can feel in their daily lives."
0 Comments
No comments yet.