Did you apply for National pension deductions when filing your 2022FY income tax?

A freelancer workers can apply for National pension deductions when calculating their income tax.

The National Pension system in Korea is designed to provide retirement, disability, and survivor benefits to eligible individuals, including freelancers. When filing their income tax returns, freelance workers can include their National Pension contributions as deductible expenses. These deductions help reduce their taxable income and, subsequently, the amount of income tax they need to pay.

If you earned more than 5 mil.won income a year, you can simply buy it at the local NPS office as a "AREA PLAN(지역국민연금)" with your Korean ID and pay it monthly until your departure.

Then you can save 6% of taxes, and you can claim a lump-sum withdrawal when you leave my country.

Freelancers can report their National Pension contributions on their income tax returns by providing the necessary documentation or declaring the contribution amount in the appropriate section of the tax form. It's essential to keep accurate records of National Pension payments and consult with a tax professional or refer to the guidelines provided by the National Tax Service to ensure proper reporting and deduction of National Pension contributions. Please note that the specific rules and requirements for National Pension deductions may vary, and it's advisable to consult with a tax expert or refer to the official guidelines provided by the National Tax Service for the most accurate and up-to-date information based on your individual circumstances.

Any questions, please send me to jz@taxjz.com always~