Average Earned Income and Child Tax Credit per Household 1.1 Million Won... 100,000 Won Increase from Last Year

The payment amount for the 2022 Earned Income Tax Credit and Child Tax Credit will increase by 100,000 KRW from the previous year, averaging 1.1 million KRW per household.

The National Tax Service announced that the regular 2022 Earned Income Tax Credit and Child Tax Credit will be paid on the 29th, one month earlier than the legal deadline (September 30).

An official from the National Tax Service stated, "This is intended to quickly support low-income working households," and added, "The results of the review for the applied amount have been notified via mobile or mail, and can also be checked through the automated response system, Hometax (mobile and PC), and the Tax Credit Consultation Center."

The Earned Income Tax Credit and Child Tax Credit will be paid to a total of 2.61 million households, amounting to 2.8274 trillion KRW. With the increase in the maximum payment amount starting this year, the average payment per household has risen by 100,000 KRW compared to last year, reaching 1.1 million KRW.

Households that applied to receive the credit via bank deposit will have the amount transferred to their accounts on the 29th. Households that requested cash payment can collect it at the post office by presenting the National Tax Refund Notice and their personal identification.

Households that met the eligibility criteria for the 2022 Earned Income Tax Credit and Child Tax Credit but have not yet applied can do so until November 30.

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