 |
National Tax Service |
[Alpha Biz= Paul Lee] Starting May 19, previously missing or duplicated financial income data for securities firm customers has been corrected and is now fully accessible through the National Tax Service’s (NTS) Hometax system. Investors with financial income can use this data to file their income tax returns from this date onward.
An NTS official stated on May 19, “Errors in interest and dividend income statements submitted by some financial institutions have been corrected and the financial income data has been ‘reconstructed.’ Although normal access was initially expected from May 21, we expedited the fix to May 19 due to its urgency. Accurate income data is now available on Hometax.”
If annual financial income exceeds 20 million KRW, taxpayers become subject to comprehensive financial income taxation, requiring them to calculate and file comprehensive income tax that includes other income sources.
The tax filing period runs from May 1 to June 2, but due to the prior data error issues, two-thirds of the filing period has already elapsed. Therefore, accurate and prompt processing of taxpayers’ submissions is critical.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
