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세림법무법인

Korea

Kor Eng
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Annuity income
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Manager
조회수
8
날짜
2019-07-09
첨부파일

 


1. Taxable annuity income

Annuity income type

Pension type

Deductibility

Taxable pension

Public annuity income

National pension

National pension is deductible (full amount of annual payment)

Payment made after year 2002

Special pension(civil servant, soldiers, teachers)

Private annuity income

Pension saving (pension insurance, pension savings)

Pension saving is deductible (full amount of annual payment)

Pension saving benefit made after year 2001

Retirement pension (DC, DB)

Pension amount that is deducted

 

(1) Annuity income generated by the nationalpension payment made before year 2001 is taxable for general income tax.

(2) In case a tax payment was subject totax exemption, annuity income is taxable upon the time of acceptance and a taxpayment which is not subject to tax exemption, annuity income is nottaxable. 

<2> Withholding tax for annuityincome

Annuity income type

Pension type

Deductibility

Taxable pension

Public annuity income

National pension

Tax rate for annuity income

Payment made after year 2002

Special pension(civil servant, soldiers, teachers)

Private annuity income

Pension saving (pension insurance, pension savings)

Pension saving is deductible (full amount of annual payment)

Pension saving benefit made after year 2001

Retirement pension (DC, DB)

Pension amount that is deducted

 

<3> Final declaration of generalincome tax

(1)public annuity – The public pensionshall be withheld at the time of pension payment based on the basic tax tableeach month and the tax obligation shall be terminated after making thesettlement for year-end settlement. In case there is an additional income asidefrom annuity income, the total income shall be summed up and be filed forgeneral income tax.

(2) Private annuity – Private annuity issubject to withholding tax at the rate of 3~5% at the time of disbursement andit is principle to declare general income tax except for separate tax.

1: Compulsory separation tax – Annityincome generated based on pension income which was not withheld in accordancewith Article 146(2) of the Legislation (retirement allowance transferred to the pension account).

2: Selective Taxation – In case private annuity amount is less than 12million won, the taxpayers may choose between separate taxation or sum taxation(Article 14, Paragraph 3, Article 9)

 


 

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