Abolition of 1,000 Won Stamp Tax on Mobile Carrier Subscriptions... Expected to Reduce Household Communication Costs

Mobile Gift Certificate Stamp Tax Threshold Raised from Over 30,000 Won to Over 50,000 Won

[Asia Economy Reporter Kwangho Lee] The 1,000 won stamp tax that consumers had to pay when subscribing to a mobile carrier will be abolished. Additionally, mobile gift certificates such as gifticons will not be subject to stamp tax up to 50,000 won.

The Ministry of Economy and Finance announced on the 7th that the amendment to the Stamp Tax Act containing these provisions has passed the plenary session of the National Assembly.

This amendment reflects the agreement reached by the Planning and Finance Committee last year. After going through the Cabinet meeting, it is scheduled to take effect from the 1st of next month.

According to this amendment, the 1,000 won stamp tax on telecommunications service subscription applications will be abolished. This is expected to have the effect of reducing household communication expenses.

Furthermore, the taxable threshold for stamp tax on mobile gift certificates will be raised from exceeding 30,000 won to exceeding 50,000 won. However, amounts that are canceled and fully refunded or discarded within 7 days from the date of sale are excluded.

On the same day, the Customs Broker Act amendment also passed in the National Assembly. To prevent misconduct by retired customs brokers from public office, it will be required to indicate whether the applicant is a retired public official customs broker when applying for registration and during disciplinary actions.

All customs brokers will also be obligated to prepare and submit records of their cases. Additionally, a new duty prohibiting customs brokers from soliciting based on personal connections with customs officials has been established.

This content was produced with the assistance of AI translation services.