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Finance ministry announces major rules changes in S. Korea from 2nd half of 2020

2020-06-29 20 Dailymotion

승용차 개소세 30% 인하•임차인 보호 강화…2020 하반기부터 무엇이 달라지나<br /><br />A lot of changes coming our way in South Korea in the second half of the year.<br />You will receive a 30-percent discount on tax when buying new cars...<br />If you're a homeowner, you'll have give at least two months' notice to the tenants if you do not wish to renew your contract.<br />Our Yoon Jung-min walks us through some of the one-hundred-53 rule changes announced by the Ministry of Economy and Finance.<br />Some one-hundred-53 new rules were revealed Monday by the Ministry of Economy and Finance. From the second half until the end of this year, people will be able to get a 3-point-5 percent discount on consumption tax when buying new cars in South Korea.<br />The special consumption tax for cars was at 5-percent, but was temporarily lowered to 1-point-5 percent due to the impact of COVID-19.<br />Consumers will get more tax benefits for buying relatively expensive cars as the cap on tax discounts will be expanded.<br />Low-income workers will be eligible for loans of up to 25-thousand U.S. dollars and at lower interest rates, including financial support for medical or living expenses.<br />Also, people working in the arts industries will be protected by employment insurance.<br />This comes as there has been a number of artists marginalized from the insurance system,... with some excluded from receiving unemployment benefits.<br />From December, homeowners must notify tenants at least two months in advance if they aren't going to renew a lease contract.<br />If they fail to do so, the contract will be automatically renewed in the tenants' favor.<br />Currently, a tenant can be notified just one month in advance.<br />Also, the government will allow various types of digital signatures this year.<br />This comes as the public certification system will no longer have its exclusive legal status from December.<br />As well as these changes, the government plans to impose stricter punishments for voice phishing scams,... while providing more free vaccines to children under 13 years-old.<br />Also, mom-and-pop stores will be due to pay less in value added tax.<br />More details and other changes can be checked on Ministry of Economy and Finance website.<br />Yoon Jung-min, Arirang News.<br />

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