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Tax Deductions

Donations to the SNU Library are eligible for tax deductions.
Individual

When filing year-end tax settlement or a return on global income tax, 15% of the donation amount is tax-deductible.

(If the donation amount exceeds 10 million won, a 30% tax deduction is applied for the excess amount)

Corporate

Donations to the SNU Library can be written off within the range of 50% of the annual income amount for the relevant fiscal year.

U.S. residents

U.S. residents donating to the SNU Foundation are eligible for tax deductions. ※ The SNU Foundation is tax-exempt with tax-exempt 501(c)(3) status under US law.

01

Comparison of statutory donations and designated donations

Division Statutory Donations Designated Donations
Characteristics Organizations with high public interest, such as national and local governments Organizations designated in consideration of public interest such as social welfare, culture, art, religion, etc.
Deduction Limits Individual Income Amount 100% Income Amount 30%
Corporate Income Amount 50% Income Amount 10%
Relevant Institutions SNU Foundation Alumni Foundation and other Scholarship Foundations
02

Comparison of actual tax deductions based on income amount and donation amount

Donation amount / Income amount 10 million
won		 20 million
won		 50 million
won		 100 million
won		 200 million
won
1 million won 150,000 won 150,000 won 150,000 won 150,000 won 150,000 won
5 million won 750,000 won 750,000 won 750,000 won 750,000 won 750,000 won
20 million won 1.5 million won 3 million won 3 million won 3 million won 3 million won
50 million won 1.5 million won 3 million won 12 million won 12 million won 12 million won
100 million won 1.5 million won 3 million won 12 million won 27 million won 27 million won
03

If an individual with an income of 30 million won donates 10 million won, the deducted tax amount will be

In case of statutory donation

  • Deduction limit (100% of income amount): 30 million won x 100% = 30 million won
  • Since the donation amount is within the deduction limit, tax deduction is possible for the entire donation amount (10 million won).
  • Tax deduction (15% of donation amount): 10 million won x 15% = 1.5 million won

In case of designated donation

  • Deduction limit (30% of income amount): 30 million won x 30% = 9 million won
  • Since the donation amount exceeds the deduction limit, tax deduction is possible only for the amount within the deduction limit (9 million won).
  • Tax deduction (15% of donation amount): 9 million won x 15% = 1.35 million won

Statutory donations have a greater tax saving effect of 150,000 won than designated donations.

04

Comparison of tax deduction methods for business and non-business individual donors

If you are a business owner

You can choose between two methods of including in necessary expenses and special deduction for donations.

  1. 1. How to include it in necessary expenses :

    When calculating business income, an amount equivalent to 15/100 of the amount minus donations included in necessary expenses (if the amount exceeds 10 million won, 30/100 for the excess) is deducted from the comprehensive income tax amount including business income and other income (Financing Income/Wage and Salary Income/Pension Income/Other Income).

  2. 2. Special deduction for donations

    Same as non-business tax deduction

If you are a non-business

(including wage and salary income earners)

amount is tax-deductible when reporting year-end tax settlement.
(If the donation amount exceeds 10 million won, 30% of the excess amount is applied)