Published 12 Apr.2022 15:33(KST)
[Asia Economy Reporter Minji Lee] Hi Investment & Securities announced on the 12th that it will provide a "free tax filing agency service for comprehensive financial income taxation and capital gains tax on overseas stocks and derivatives" as part of its comprehensive customer asset management service.
This tax filing agency service is conducted through Dasol WM Center, a tax corporation partner since 2013. It targets Hi Investment & Securities customers whose financial income for the year 2021 exceeds 20 million KRW or who have incurred capital gains tax on overseas stocks and derivatives.
Customers wishing to use the financial income comprehensive taxation filing agency service must apply by April 30, and those wishing to use the overseas stocks and derivatives capital gains tax filing agency service must apply by April 19 through Hi Investment & Securities branches after confirming eligibility. Income generated from other financial companies as well as Hi Investment & Securities can be reported together.
Customers whose financial income for a specific year exceeds 20 million KRW must report and pay income tax by combining it with other income such as business income. Financial income includes interest income such as bonds and domestic and foreign deposit interest, as well as dividend income such as fund and ELS earnings.
All customers who have incurred capital gains from overseas stocks and derivatives must report and pay capital gains tax after a basic deduction of 2.5 million KRW. If the capital gains are less than 2.5 million KRW, there is no tax to pay, but there is an obligation to report. In the case of capital gains on overseas stocks, offsetting of gains and losses can be applied if there are taxable capital gains on domestic stocks.
A Hi Investment & Securities official stated, "We have launched the free tax filing agency service for comprehensive financial income taxation to provide comprehensive customer asset management services," and added, "We will continue to provide various tax-related services such as tax consultations to offer higher quality comprehensive asset management services."
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