Income Tax Credit Increase For Those Who Support Elderly Parents

In the near future, more tax credits are anticipated for those salaried workers who live with elderly parents.

On a briefing with reporters on July 27, Jin, Nyum, vice-prime minister and minister of finance and economy, said, ``Nowadays young people appear to be reluctant to live with elderly parents. I’ll try to make a regulation for giving more credits to the workers who support thier elderly parents during the year-end tax adjustment from this year``

The ministry of finance and economy is reviewing a way of raising the amount of the tax credits for those who support elders (500,000 won per person now), which is applied to the workers who live with their elderly parents over 65 years old, revising the necessary tax regulations during the ordinary session of National Assembly scheduled in this fall.

As of now, if a worker supports his/her father over than 60 and a mother over 55 years, he/she is entitled to a tax credit of one million won. In addition, if both parents are over 65 years old, more credits are allowed.

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