{"id":87,"date":"2024-01-26T14:17:40","date_gmt":"2024-01-26T05:17:40","guid":{"rendered":"https:\/\/friends.snu.ac.kr\/en\/?page_id=87"},"modified":"2024-01-30T21:31:29","modified_gmt":"2024-01-30T12:31:29","slug":"%ec%84%b8%ec%a0%9c%ed%98%9c%ed%83%9d","status":"publish","type":"page","link":"https:\/\/friends.snu.ac.kr\/en\/?page_id=87","title":{"rendered":"Tax Deductions"},"content":{"rendered":"\n
\n
\n
\n Donations to the SNU Library are eligible for tax deductions.\n <\/div>\n <\/div>\n\n
\n
\n
\n
\n <\/i> Individual \n <\/dt>\n
\n

\n When filing year-end tax settlement or a return on global income tax, 15% of the donation amount is tax-deductible.<\/p>\n

\n <\/i>\n (If the donation amount exceeds 10 million won, a 30% tax deduction is applied for the excess amount)\n <\/p>\n <\/dd>\n <\/dl>\n

\n
\n <\/i> Corporate \n <\/dt>\n
\n

\n Donations to the SNU Library can be written off within the range of 50% of the annual income amount for the relevant fiscal year.\n <\/p>\n <\/dd>\n <\/dl>\n

\n
\n <\/i> U.S. residents \n <\/dt>\n
\n

\n U.S. residents donating to the SNU Foundation are eligible for tax deductions.\n \u203b The SNU Foundation is tax-exempt with tax-exempt 501(c)(3) status under US law. <\/p>\n <\/dd>\n <\/dl>\n <\/div>\n <\/div>\n<\/div>\n

\n
\n
\n
\n 01<\/span>\n

Comparison of statutory donations and designated donations <\/p>\n <\/dt>\n

\n
\n \n \n \n \n \n \n <\/colgroup>\n \n \n \n \n \n \n \n
Division \n <\/th>\n Statutory Donations\t<\/th>\n Designated Donations<\/th>\n <\/tr>\n <\/thead>\n
Characteristics\t\t <\/th>\n Organizations with high public interest, such as national and local governments\t<\/td>\n Organizations designated in consideration of public interest such as social welfare, culture, art, religion, etc.<\/td>\n <\/tr>\n
Deduction Limits <\/th>\n Individual <\/th>\n Income Amount 100%<\/td>\n Income Amount 30%<\/td>\n <\/tr>\n
Corporate<\/th>\n Income Amount 50%<\/td>\n Income Amount 10%<\/td>\n <\/tr>\n
Relevant Institutions<\/th>\n SNU Foundation<\/td>\n Alumni Foundation and other Scholarship Foundations <\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n <\/dd>\n <\/dl>\n
\n
\n 02<\/span>\n

Comparison of actual tax deductions based on income amount and donation amount <\/p>\n <\/dt>\n

\n
\n \n \n \n \n <\/colgroup>\n \n \n \n \n \n \n \n \n
Donation amount \/ Income amount <\/th>\n 10 million
won<\/th>\n 		20 million
won<\/th>\n 		50 million
won<\/th>\n 		100 million
won<\/th>\n 		200 million
won <\/th>\n <\/tr>\n <\/thead>\n
1 million won<\/th>\n 150,000 won<\/td>\n 150,000 won<\/td>\n 150,000 won<\/td>\n 150,000 won<\/td>\n 150,000 won<\/td>\n <\/tr>\n
5 million won <\/th>\n 750,000 won<\/td>\n 750,000 won<\/td>\n 750,000 won<\/td>\n 750,000 won<\/td>\n 750,000 won<\/td>\n <\/tr>\n
20 million won <\/th>\n 1.5 million won<\/td>\n 3 million won<\/td>\n 3 million won<\/td>\n 3 million won<\/td>\n 3 million won <\/td>\n <\/tr>\n
50 million won<\/th>\n 1.5 million won<\/td>\n 3 million won <\/td>\n 12 million won <\/td>\n 12 million won <\/td>\n 12 million won <\/td>\n <\/tr>\n
100 million won <\/th>\n 1.5 million won<\/td>\n 3 million won <\/td>\n 12 million won <\/td>\n 27 million won<\/td>\n 27 million won<\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n <\/dd>\n <\/dl>\n
\n
\n 03<\/span>\n

If an individual with an income of 30 million won donates 10 million won, the deducted tax amount will be <\/p>\n <\/dt>\n

\n
\n

In case of statutory donation <\/p>\n

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

    In case of designated donation <\/p>\n

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

      \n Statutory donations have a greater tax saving effect of 150,000 won than designated donations.\n <\/p>\n <\/div> \n <\/dd>\n <\/dl>\n

      \n
      \n 04<\/span>\n

      Comparison of tax deduction methods for business and non-business individual donors <\/p>\n <\/dt>\n

      \n
      \n
      \n

      If you are a business owner <\/p>\n

      \n <\/i> You can choose between two methods of including in necessary expenses and special deduction for donations. \n <\/p>\n <\/div>\n

      \n
        \n
      1. \n

        \n 1. How to include it in necessary expenses : \n <\/p>\n

        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). <\/p>\n <\/li>\n

      2. \n

        2. Special deduction for donations <\/p>\n

        Same as non-business tax deduction <\/p>\n <\/li>\n <\/ol>\n <\/div>\n <\/div>\n

        \n
        \n

        If you are a non-business <\/p>\n

        \n <\/i> (including wage and salary income earners) \n <\/p>\n <\/div>\n

        \n

        \n amount is tax-deductible when reporting year-end tax settlement.\n
        \n (If the donation amount exceeds 10 million won, 30% of the excess amount is applied)\n <\/p>\n <\/div>\n <\/div>\n <\/dd>\n <\/dl>\n <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

        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 […]<\/p>\n","protected":false},"author":1,"featured_media":179,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/friends.snu.ac.kr\/en\/index.php?rest_route=\/wp\/v2\/pages\/87"}],"collection":[{"href":"https:\/\/friends.snu.ac.kr\/en\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/friends.snu.ac.kr\/en\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/friends.snu.ac.kr\/en\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/friends.snu.ac.kr\/en\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=87"}],"version-history":[{"count":4,"href":"https:\/\/friends.snu.ac.kr\/en\/index.php?rest_route=\/wp\/v2\/pages\/87\/revisions"}],"predecessor-version":[{"id":369,"href":"https:\/\/friends.snu.ac.kr\/en\/index.php?rest_route=\/wp\/v2\/pages\/87\/revisions\/369"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/friends.snu.ac.kr\/en\/index.php?rest_route=\/wp\/v2\/media\/179"}],"wp:attachment":[{"href":"https:\/\/friends.snu.ac.kr\/en\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=87"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}