Individual : Submit in year-end tax adjustment or general income tax declaration
Corporate body : Account as donation and submit when declaring corporate tax
Tax benefits from donation
Individual(Person, individual business, group)
Corporate body(Inc. Corporate group)
Method: Tax deduction
Tax deduction
Below 20 million: 15% of annual donation
Over 20 million: 15% of donation Below 20 million + 35% of the excess
Ex) Donate 100000 won : 100000 x 15% = 15000
Donate 1000000won : 1000000 x 15% = 150000
Donate 30 million : 20million x 15% + 10million x 35% = 6500000
(Relevant law : Income Tax Law article 34, 59-4)
Method : Deductible expenses (Cost)
Limit : (Annual income- deficit carried forward) x 50%