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Innovations in taxation policy

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Title Innovations in taxation policy
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Project Category Development Cases
Material Type Reports
Author(English)

Jeon, Byung-Mok; Park, Sang-won

Publisher

Seoul:Korea Development Institute

Date 2011
Project Development Cases
Series Title; No Knowledge Sharing Program: KSP Modularization
ISBN 978-89-8063-582-5; 978-89-8063-573-3(SET 10)
Pages 115
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Holding KDI; KDI School
Supervisor Korea Development Institute
Organizer Ministry of Strategy and Finance; Korea Development Institute
Sponsor Ministry of Strategy and Finance
Project Term 2010-01-01 ~ 2010-12-31

Abstract

The Korean government has been striving to enhance transparency in all commercial transactions with the objective of achieving equity within the context of taxation. One of the keys to accomplishing such an objective is the use of an income tax deduction scheme calculated using receipts from credit card and cash transactions. Under this scheme, if a taxpayer made a payment via credit card and/or cash, that individual would be entitled to a tax deduction of a prescribed percentage of the purchased amount from their taxable income base. This scheme aims to encourage the taxpayers to actively use credit cards and cash receipts, which allow the disclosure of their transaction history to a third party, in the course of their economic activities. The ultimate goal of this scheme is to enhance transparency of income derived by businesses which provide a product or service directly to the end users. (The rest omitted)

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