30% Income Tax Deduction on Newspaper Subscription Fees Starting This Year

Gwanak-gu Publishes 'Changes in 2021' Booklet...Contains Valuable Information on 34 Projects in 7 Areas Including General Administration, Finance & Taxation, Health & Welfare; Distributed at Dong Community Centers from the 21st

[Asia Economy Reporter Jong-il Park] Gwanak-gu (Mayor Park Jun-hee) has published a booklet titled "2021 Changing Systems" containing information on newly changed systems and projects for the new year, providing it for residents' convenience.

The booklet covers a total of 34 projects across 7 fields: ▲General Administration ▲Finance & Taxation ▲Health & Welfare ▲Housing & Real Estate ▲Education & Culture ▲Safety, Traffic & Environment ▲Military Service & Veterans Affairs.

General Administration Field = In January, mobile Gwanak Love Gift Certificates worth 30 billion KRW linked with Zero Pay will be issued. Consumers can purchase the gift certificates through a mobile app and use them at Zero Pay affiliated stores within Gwanak-gu to receive a 7~10% discount.

Finance & Taxation Field = This year, the living wage hourly rate in Gwanak-gu is set at 10,702 KRW, which is 1,982 KRW higher than the minimum wage hourly rate of 8,720 KRW. Additionally, newspaper subscription fees have been added to the income deduction targets, allowing a 30% deduction rate for income tax benefits.

Health & Welfare Field = For young adults in their 20s living separately from their parents due to schooling or job seeking, youth housing benefits will be paid separately to reduce their housing cost burden and support stable future preparation and independence.

The basic pension for seniors aged 65 and over will expand its eligibility from the previous bottom 40% income bracket to the bottom 70% income bracket this year, thereby increasing the number of seniors eligible for the basic pension.

Housing & Real Estate Field = To ease property tax burdens for single-home owners, the property tax rate for homes with a publicly announced price of 600 million KRW or less will be reduced by 0.05% for three years. To stabilize the housing market, comprehensive real estate tax rates on housing for multi-homeowners and corporations will be increased, and from this year, pre-sale rights will be included in the calculation of the number of houses for capital gains tax purposes.

Education & Culture Field = To reduce the economic burden on parents, starting this year, all new middle and high school students in Seoul will receive 300,000 KRW as entrance preparation funds to purchase school uniforms, learning tablets, etc. Additionally, eco-friendly school meals will be provided free of charge to all students in elementary, middle, high, and special schools, ensuring stable meal support for students in economic blind spots.

Safety, Traffic & Environment Field = The "Safe Speed 5030" policy will be implemented nationwide from April 17 this year following the revision of the Road Traffic Act Enforcement Rules. Safe Speed 5030 is a policy to improve pedestrian safety by lowering speed limits on general urban roads to 50 km/h and on residential and side streets to 30 km/h or less.

Government support for wind and flood insurance premiums has been strengthened, allowing actual compensation payments in case of property damage to houses and stores caused by typhoons, strong winds, etc. For detailed information, inquiries can be made to the five major insurance providers.

Moreover, the "2021 Changing Systems" booklet contains nationwide system changes and useful information that is expected to greatly help residents in various aspects closely related to their daily lives.

The "2021 Changing Systems" can be viewed on the Gwanak-gu Office website from the 19th, and the booklet will be available at nearby community service centers starting the 21st.

Mayor Park Jun-hee stated, "We have organized the booklet with practical, life-oriented information useful for residents, so we hope they do not miss out on the benefits of the changing systems. We will continue to implement inspiring administration so that residents can feel big and small changes in their daily lives throughout this year."