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The ruling and opposition parties agreed to reduce the burden by providing comprehensive real estate tax credits only when the elderly couple owns a single home under the common name. According to the National Assembly’s Finance and Planning Committee on the 30th, opposition parties agreed to promote an alternative plan to expand tax credits for the elderly and long-term possessions among the tax law amendments initiated by Congressman Yoon. Hee-sook.
In addition, an amendment to the income tax law, which applies an income tax rate of 45%, was also passed as a section of the income tax table that applies to people with ultra-high incomes. with annual revenue exceeding one billion won. The highest income tax rate will increase by 3 percentage points from 42% to 45%.
It is also known that the ruling and opposition parties have set the course that will not be dealt with by the regular National Assembly as they are pending a government project with a reserved income tax, which is expected to harm SMEs.
Since the tax is subject to the principle of taxation for each person, in calculating the tax base, the husband and wife are deducted 600 million won each from the published house price. If the official house price does not exceed 1.2 billion won, you do not have to pay the tax, so the joint name was chosen as the representative tax reduction plan. However, as the number of houses with the official price of more than 1.2 billion won skyrocketed, there were many complaints from the owners of a house with the common name. This is because it has become more advantageous to receive a deduction of 900 million won under a single name and an additional special deduction for long-term tenure and a deduction for the elderly. A ruling party official said, “If the tax-saving effect of the joint name is small, we decided to apply a special long-term withholding deduction and a deduction for the elderly after deducting 900 million won, the same as one of the couples.
In the case of income tax, a tax rate of 42% is currently applied to more than 500 million won, but through this review, 42% is applied to 500 million to 1 billion won, and the 45%, the highest tax rate for more than 1 billion won. Approximately 16,000 people are eligible for the maximum tax rate of 1 billion won, and the tax burden is expected to increase by 60 million won for taxpayers with a tax standard of 3 billion won.
The committee also decided to delay the application period for virtual asset income taxes, which was scheduled for October 2021, to January 2022 by three months.
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