Income Tax Deduction for Movie Ticket Purchases Starting July 1

Korean Film Big 4 Release... "Expecting Industry Vitality"

From July 1st, income tax deductions for movie ticket purchases will be implemented.

Following the passage of the tax reform bill (Amendment to the Restriction of Special Taxation Act) in the National Assembly last December, the cultural expense income deduction will be expanded to include movie ticket purchases.

[Photo by Yonhap News]

The eligible individuals are wage earners with a total annual salary of 70 million KRW or less, whose credit card and other payment usage exceeds 25% of their total salary.

The deduction rate is 30%, and the deduction limit is 3 million KRW, which includes income deductions for expenses on traditional markets, public transportation, and cultural expenses combined.

Previously, the Ministry of Culture, Sports and Tourism announced that the cultural expense income deduction, which was only applicable to books, performance tickets, museum and art gallery admission fees, and newspaper subscriptions, would be expanded to include movie ticket purchases, with a preparation period for businesses, and is scheduled to be implemented from July this year.

Starting next month, the Korean film Big 4 will be released one after another in the summer market, attracting audiences, so attention is focused on whether synergy will be created. On July 26, "Mil-su" (Director Ryu Seung-wan), on August 2, "The Moon" (Director Kim Yong-hwa), "Unofficial Operation" (Director Kim Sung-hoon), and on August 9, "Concrete Utopia" (Director Eom Tae-hwa) will be screened in theaters. Prior to these, on July 12, Tom Cruise's "Mission: Impossible ? Dead Reckoning PART ONE" will also be released.

Lee Chang-moo, chairman of the Korea Film Screening Development Association, stated, "We expect that the income tax deduction for movie ticket purchases will help revitalize the domestic film industry, which has been weakened by COVID-19, and also reduce the burden on the public."

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