*Photo Source: Yonhap News Agency, Samsung Electronics Co
Hello, everyone! I’ve got some exciting news to share. Starting in July 2027, we can finally enjoy tax deductions for using gyms and swimming pools. Imagine staying fit and healthy while enjoying financial benefits—it’s a truly welcome change!
According to the Ministry of Culture, Sports, and Tourism, amendments to the Special Taxation Restriction Act, recently passed by the National Assembly, will extend tax deductions to gym and swimming pool fees from next year. Employees with an annual salary of less than $70,000 can claim 30% of their usage fees, up to $3,000, as tax deductions. This change is expected to motivate more people to pursue active and healthier lifestyles, signaling a positive shift toward well-being in our society.
Tax-related topics might seem complicated, but tax deductions play a vital role in our daily lives. Tax deductions allow you to reduce your taxable income, ultimately lowering the amount of taxes you owe. They apply to various income categories, offering individuals a way to ease their financial burden.
There are several types of tax deductions, including basic deductions, additional deductions, and special deductions. For instance, basic deductions are granted based on the number of family members, alleviating economic pressures on households. By taking advantage of these benefits, people can enjoy a more relaxed and financially stable lifestyle.
The good news doesn’t stop there. Foreign workers in Korea can also benefit from these tax deductions. Foreigners who reside in Korea for 183 days or more are classified as residents, making them eligible for tax deductions on their local income under Korean tax laws. This can be a significant advantage for expatriates working in Korea.
On the other hand, non-residents—foreigners who stay in Korea for less than 183 days—face more limited access to these deductions. Nonetheless, the expanded opportunities for tax benefits contribute to a more inclusive environment, helping individuals from diverse backgrounds enjoy a stable and comfortable life in Korea. Hopefully, such policies will further strengthen cultural exchange and mutual collaboration.
There you have it—a breakdown of the latest updates on tax deductions for gyms and swimming pools. This change is set to enhance our quality of life and support healthier living. What are your thoughts? Feel free to share your opinions—I’d love to hear them!
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