Deductions for Monthly Rent

From 2021FY, NTS decide that you foreigners can claim this deductions from your salary income during your year-end settlement process.

The below is the details so do not miss it!

1. 12% and 900,000won maximum if your salary is less than 55mil.won

2. 10% and 750,000won maximum if your salary is less than 70mil.won

For example if you pay 500,000won for the lease, you can claim 500,000won*12months*12%=720,000won refund.

To claim this, following is the requirements;

- Less than 70mil.won salaried-employee

- Don't own a house under your name in Korea

- Rent space: less than 85square meter, 300mil.won less property(not a sales price but local tax basis)

- Same address with your ARC

You need to submit your Alien registration certificate(외국인등록증명), Lease contract(임대차계약서), Rent receipts(or bank transfer receipts or transaction record)

Any questions, please send me an email to jz@taxjz.com