Year-end Tax Settlement Service: Who Qualifies and What You Get
Learn how to use the automated tax deduction service to claim medical, education, and spending expenses in South Korea.
This service helps tax-paying residents automatically collect and organize receipts to simplify their yearly tax filings. It is designed to make the process of claiming deductions more efficient by pulling data directly from various spending sources.
Who it's for
This service is available to all tax-paying residents. If you are a resident who is required to file taxes, you can use this system to manage your annual deductions.
What you get
The primary benefit is the automation of your tax deduction receipts. Instead of hunting down physical paper slips, the system gathers information for you regarding:
- Medical expenses incurred throughout the year.
- Education-related costs.
- Spending tracked through your card usage.
By using this service, you can view these aggregated records in one place to help prepare your filings.
What it costs you
There is no monetary fee required to use this government service. However, using the system requires you to have a digital certificate. This is a necessary security tool used to verify your identity and access your private financial records online.
The catch to know
The most important thing to remember is that the system is not perfect. While it automates much of the process, it does not capture every single transaction. You are responsible for reviewing your records and must manually add any receipts that the system missed to ensure your tax return is accurate and complete.
How to apply
- Visit the official tax portal online.
- Log in to your account using your digital certificate.
- Navigate to the section for year-end tax settlements.
- Review the automated receipts for medical, education, and card spending.
- Manually enter any missing receipts that were not captured by the system.