Korean Job Discussion Forums

[falco]

My hakwon boss last week came to me and asked if I could provide him with copies of my credit card statements (that is, records of my purchases) for the past year. Reason was, as far as I could tell from his broken English anyway, was that he can get extensive tax rebates for both himself amd me when the end of the tax year comes up. I've been in Korea for a good few years now and never had this kind of request come up before. I'm not at all sure whats goin on here but if anyone else has had this kind of request before maybe you could enlighten me as to what this could be about. It maybe perfectly innocent but something doesnt smell right.

[venus envy]

He's not full of it. You can get tax deductions for credit card expenses, medical bills and anything you buy with a cash card. I'm not entirely sure of the calculations, but if you turn in the year end statement from your credit card company then it will be help decrease what you owe or increase any refund you may get.

[Caffeinated]

I try to pay exclusively by debit or credit card because of the potential year-end tax deductions. Ask your credit card company for the year end statement if you haven't received it already.

[melirae1976]

You can get tax back on cash purchases, too. You just have to sign up for an ID number of some sort and punch it in or swipe your card each time you pay cash. Here are the links with more info:

Article with details:
http://joongangdaily.joins.com/article/view.asp?aid=2903760

Tax site to sign up:
www.taxsave.go.kr

[falco]

Thanks. I wasnt aware of this at all. I'll look into it straight away.

[naturegirl321]

You'd better be spending a lot. For your credit card, It's 25% of your total money earned, salary, bonuses, etc that has to be spent. So if you make 40 mil, you have to have at least 10 mil on a credit card. The refund isn't that much. Maybe a couple hundred thousand won.

melirae1976, how much cash back can you get if you sign up for the taxsave website?