Ministry of Strategy and Finance to Offer Cash for Couples Who Get Married
Yoona Choi, Jan. 10, 2017, 9:46 a.m.
The Ministry of Strategy and Finance announced Tuesday its plans to give tax incentives to couples who marry in the next three years.
Under the proposed revision to the Restriction of Special Taxation Act, the Korean government will deduct 1 million won ($830) tax for double-income couples who marry between 2017 and end of 2019.
To be eligible, each married person has to be contributing to the national economy through some form of work. A single-income couple will receive half the incentive.
Those with more than 70 million won fixed income or 55 million won total income per year cannot apply.
The ministry also proposes to give small and mid-sized enterprises a tax benefit of 5 million won for each irregular worker that given made a regular position.
Companies that help increase youth employment will also receive bigger tax incentives. For SMEs the amount will go up from the previous year’s 5 million won to 7 million won, and conglomerates from 2 million won to 3 million won.
The proposed revision is to go through Cabinet review and to be submitted to the National Assembly around early February.