National Tax Service Begins Second Half Earned Income Tax Credit Payments... 10.7 Million Households Receive 482.9 Billion KRW in Advance

[Asia Economy Reporter Kwangho Lee] The National Tax Service announced that it began disbursing the 2019 second half Earned Income Tax Credit (EITC) payments to 1.84 million households who applied in March, starting from the 10th, to support the livelihood stability of low-income working households.

Among the 1.84 million households, early screening was completed for 1.49 million households, and 48.29 billion KRW was paid to 1.07 million households that met the eligibility criteria. The remaining 350,000 households requiring additional review will have their screening completed promptly, with payments scheduled for the 15th and 19th.

Of the 1.07 million households paid on this day, 660,000 (61.7%) were single-person households, 370,000 (34.6%) were single-earner households, and 40,000 (3.7%) were dual-earner households, with single-person households comprising the largest share.

Daily wage worker households accounted for 620,000 (57.9%), while regular wage worker households were 450,000 (42.1%), meaning daily wage worker households outnumber regular wage worker households by 170,000 (15.8 percentage points).

The National Tax Service expects that by completing payments in June, more than a month ahead of the legal deadline (July 20), it will provide practical assistance to working households struggling due to the novel coronavirus disease (COVID-19).

This time, as with the first half payments made in December last year, 35% of the annual calculated credit amount is paid, with any additional payments made during settlement or deductions applied over five years from credits to be paid.

Results of the credit screening and payment can be checked through Hometax, Sontax, the automated response system, and the dedicated EITC consultation hotline.

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