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Credit card and cash receipt income deduction program

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Title Credit card and cash receipt income deduction program
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Material Type e-Learning
Author(English)

Korea Development Institute

Publisher

[Seoul] : Korea Development Institute
Date 2014
Series Title; No The Credit Card and Cash Receipts Income Deduction Scheme / Module 2
Subject Country South Korea(Asia and Pacific)
Language English
File Type Videos
Original Format mp4
Subject Economy < Financial Policy
Holding Korea Development Institute
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In fact, Koreas credit card system and cash receipts income deduction scheme are being praised as the most successful arrangements not just for increases in tax revenues but also the enhancement of transparency in all types of monetary transactions. In the beginning, Korea adopted advanced countries systems and implemented the checking account and transaction receipt systems in an effort to boost its tax revenues. Later, Korea carried out an in-depth analysis of the country’s private transaction patterns and began to implement the credit card income deduction scheme in line with the growing digital payment trend in the country. Korea also introduced the cash receipt income deduction scheme to ensure transparency in cash transactions. Fair and efficient taxation is important for a nation to secure revenue sources. Through the course, I would like to discuss with you what has made the Korean government succeed in its efforts to implement the income deduction scheme for credit card payments and cash receipt based transactions together with potential implications for your respective countries.

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