Year-End Insurance Settlement
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Hi there! In today’s post, we are going to talk about the upcoming, year-end, insurance settlement that needs to be submitted along with the annual tax settlement in South Korea. We hope that this post will be beneficial for you, and you will be able to gain a particularly useful piece of information by reading this article.
Since the beginning of this year, year-end tax adjustment deductions and insurance premiums have changed significantly. For the end of this year’s tax settlement, loss insurance will be excluded from tax deductions for medical expenses. If there is any compensation from loss insurance for medical expenses over the past year, you will be able to get a deduction except for the compensation.
If you do not deduct the medical expenses you received through the loss of medical expenses, you may be fined more later through additional taxes.
You can inquire about the total annual medical expenses through the National Tax Service’s “Home Tax” page.
You can check your loss insurance premiums through a Home Tax inquiry without submitting a separate document. You can then apply for a deduction except for the year-end settlement medical expenses.
We highly recommend that you check your loss insurance premiums before the year-end settlement occurs.
Here’s the “Home Tax” Page: www.hometax.go.kr
If you cannot find your loss insurance on the Home Tax homepage, you should request a document from your insurance company and verify it once again. After that, you can apply for deduction insurance which you can receive on Home tax’s medical expenses deduction tab.
The year-end settlement deductible benefit is a 13.2% deductible for up to KRW 1 million, which directly covers property damage such as loss insurance, life insurance, fire insurance, dental insurance, cancer insurance, and car insurance. When applying for a deduction, you need to submit a certificate of income along with either a certificate or a receipt of premium payment.
