Toss "Send Political Donations Easily Online"

[Asia Economy Reporter Kiho Sung] Toss announced on the 5th that it has launched the ‘Send Political Donations’ service, which allows users to easily transfer political donations.

Users can select the member of the National Assembly or political party they wish to support through the ‘Send Political Donations’ menu on the ‘All’ screen of the Toss app and send donations via simple transfer. Information for issuing donation receipts can also be easily entered within the app.

Through the ‘Send Political Donations’ service, Toss expects to eliminate all such inconveniences and contribute to the activation of a healthy political donation culture. In line with its public interest purpose, no fees will be charged for transfers made through this service. Currently, 21 National Assembly members’ offices and 4 central political parties have applied for the service.

Lee Seung-geon, CEO of Toss, explained, “While considering socially meaningful services by leveraging the context of finance, we launched this service. Since it is now possible to easily and conveniently donate political funds and share donation details on social media, we hope it will serve as an opportunity for more citizens to take an interest in small donations.”

Meanwhile, political donations are fully tax-deductible up to KRW 100,000 during year-end tax settlement, and amounts exceeding KRW 100,000 receive a deduction benefit of up to 15% from the comprehensive income tax amount.

The maximum donation amount per transfer through this service is KRW 1.2 million. Additionally, according to relevant laws, the annual limit for donations to one support committee is KRW 5 million, and the total donation limit when donating to multiple support committees is KRW 20 million per year. Corporations, organizations, minors, public officials, and foreigners are not eligible to use the service.

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