Car Donation for Tax Deduction

Car Donation for Tax Deduction
30% tax credit when donation exceeds 10 million won
Amendment of Tax Law 2018
Striking Detergent

Stamp duty on `` Gifticon '' for over 10,000 won
10% VAT on Cloud Services
The government has decided to lower the donation tax deduction threshold in order to activate large donations. Starting next year, the company decided to deduct 15% for donations less than 10 million won and 30% for over 10 million won. Now, if the donation is 20 million won or less, the tax is reduced by 15%. The government lowered the amount of the tax credit in 2016 from 30 million won to 20 million won after the government responded that the tax benefit was reduced by converting the donation deduction from income deduction to tax deduction in 2014.

The government also decided to impose a stamp duty if the value of Gifticon exceeds 10,000 won. 10,000 won to 50,000 won 200 won, more than 50,000 won to 100,000 won 400 won, more than 100,000 won 800 won. Last year, the amount of Gifticon issued amounted to 1.2 trillion won.

A 10% VAT is also charged on cloud computing provided by overseas operators to domestic consumers through foreign open markets. Cloud computing is a service that can lend storage space or use software through the Internet. After the government charged VAT on foreign operators' mobile apps in 2015, Google's Apple and others raised app prices by 10%.
The withholding tax rate for foreign players playing active roles in domestic professional leagues such as professional baseball and professional football will also increase to 20%. Currently, foreign players are withheld at a 3% tax rate when they are residents, and they are encouraged to report and pay the remaining comprehensive income tax.