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▶ Reporter Hyungjin Jeon
This is Hyungjin Jeon. Today I will read this article briefly. Deputy Prime Minister, did you pay taxes? You must have paid for it.
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Deputy Prime Minister, did you pay taxes? [전형진의 복덕방통신]
As is known, Hong Nam-ki, Deputy Prime Minister of Economy and Ministry of Strategy and Finance, paid moving fees to tenants when selling the house became difficult. When the tenant’s right to renew the lease made it impossible to sell the rented house, the settlement was paid.
As you may recall, if you look at the amendment to the Housing Lease Protection Act, where the right to apply for contract renewal was introduced, there were some of the reasons for refusing to renew the contract. When mutually agreed and the landlord provided substantial compensation to the tenant. So if the tenant brings you a satisfactory monetary gain, you can refuse to renew your lease.
That is why the Deputy Prime Minister paid the moving fee, and the important thing here is to pay taxes when exchanging settlement money. The donor is responsible for withholding tax, and the recipient and tenant must report how much they received because it is income other than earned income.
The withholding tax is 22%. If you have to pay 10 million won to the tenant, you must pay 7.8 million won excluding 22%. The remaining 2.2 million won is reported.
The recipient receives a withholding tax receipt from the owner. May was originally the month for filing the comprehensive income tax. Office workers do year-end settlement, but if they have additional income, they must file comprehensive income tax. At that time, this tax amount must be deducted. It was decided to receive 10 million won, but the state reported that 2.2 million won was taken as a preference.
It’s something you don’t know about, but it’s organized when you visit the National Tax Service website. It states that the person who pays the income and the owner who gives the money must report first. How the company pays taxes and pays a salary.
Until when it must be paid, until the 10th of the month following the month in which the rent is paid. If the tenant was sent in November while delivering the settlement money, the tax withholding must be filed by December 10 and the tenant who received it must file comprehensive income tax in May of the following year.
But if you didn’t know, if you only gave 10 million won instead of excluding 22% of the 10 million won, you need to recalculate. Excluding 22%, it was 10 million won, so you must report that you have retained 2.28 million won. So the tenant’s original amount of money was 12.82 million won.
This is the basic principle of the national tax. The deputy prime minister would not have ignored him because he was the chief secretary of the Ministry of Science and Technology. This article should be read to be careful in the future as settlement payment and tenant leasing will most likely become common.
In fact, it is similar to the concept of deposit of rights in the commercial rental market. The right money is exchanged between tenants, but the concept itself is not much different. If the landlord sent the tenant and gave him 10 million won, the next tenant would collect those 10 million won to preserve it.
I hope you don’t forget to report your tenant, landlord, other income, and tax withholding, and I’ll be back with a better article next time.
plan Zipconomy Television Executive Cho Seong-geun Director of Construction and Real Estate
Progress Reporter Jeon Hyeong-jin Edit Jihyun Lee PD
doing The Korean Economic Journal Hankyung.com