Special Education Cost for Physically Challenged People To Be Deducted From Tax

From this year’s tax report, the special educational cost for the physically challenged people will be deducted as the public education fee.

The Ministry of Finance and Economy (MFE) publicized yesterday that they will send to the National Assembly’s regular session this fall a revised bill on income tax, in which the special education cost for physically challenged people to attend the social welfare facilities is included on the list of the tax deduction items.

An official of the MFE said, ``The object of deduction will be the educational cost spent at the special education institutions, including welfare facilities that help the physically challenged people with language training, study assistance, and acclimation to the society.`` ``The maximum limit of the tax deduction will be decided at around 1 ~ 3 million won, considering the efficiency of the deduction and the balance between other education costs, and the decrease of the tax profit.

The government currently offers tax deduction on education costs based on the standard of 1 million won per pre-school students, 1.5 million won per elementary, middle, or high school students, and 3 million won per college students.

Park Joong-Hyun sanjuck@donga.com