Korean Job Discussion Forums

[peppero]

Hi to all helpful folks out there.

I was just wondering if any of you knew, experienced or understood the tax refund from credit card purchases. I got some documents in the mail which stated that I was entitled to some tax refunds because I had spent money via credit card in Korea. I'm just wondering if any of you know how this works.

Thanks in advance for any help/advice/real anecdotes.

[tzechuk]

Where do you work? Our university does it for us.. we are apparently finding info out about it on Friday, so if I know anything, I will tell you.

[Samantha]

I got the same little paper, I didn't know what it was except a statement of some sort. We can claim this money back?

[tzechuk]

[vdowd]

Don't know but we were informed in a school meeting today that all Korean credit cards are no longer to be available to foreigners/were cancelled for foreigners.

We'll see what that means, I guess "later". More "mulyo".

[Samantha]

So a percentage.....how big of a percentage...1%...10%? How do you file for this?

[Pyongshin Sangja]

[slothrop]

edit.

[mindmetoo]

I don't think its just your credit card. I know when I pay cash for dinner my GF gives them some number which allows her to write it off her taxes. As best as I can figure, to encourage consumption in Korea (and avoid a Japanese "lets save everything we earn" situation), you can write off a range of purchases off your taxable income.

[slothrop]

edit

[mindmetoo]

[alinkorea]

Any idea what kind of money, as a %, we can expect to get back? My total credit card bill this fiscal year was about 3 Mil. Plus about 2 Mil in hospital bills, (which according to my school secretary can be filed.)
Slothrops calculations seem pessimistic. Someone has a 6 mil yearly credit card bill and is rebated barely over 2000Won. Surely that can't be right, or everyday people wouldn't bother for a return about 0.0005%

[peppero]

First off, thanks to all who replied and posted helpful comments.

I'm not an expert on this, obviously, but from what I read in the document, it's something like

[credit card amount - (total salary x 15%) ] x 15% = deduction

So if I spent 10,000,000 and my total salary is 50,000,000, then it looks like this:

[10,000,000 - 7,500,000 (50,000,000 x 15%) ] = 2,500,000 x 15% = 375,000 won (total deduction)

Am I right?

[wuzza]

[FistFace]

My future wife carries a plastic card, like a credit card, which stores swipe to input her tax information. She then collects her refund at the end of the year somehow.