57.89 Billion KRW Distributed to 1.21 Million Households for First Half of This Year's Earned Income Tax Credit... Average 480,000 KRW per Household

by Ju Sangdon

Published 12 Dec.2024 12:00(KST)

Batch payment on the 12th... National Tax Service "More than 3 weeks ahead of the legal deadline"

The National Tax Service announced that the Earned Income Tax Credit for the first half of 2024 will be paid in a lump sum on the 12th, more than three weeks earlier than the legal deadline of January 3 next year.

The National Tax Service has completed the review for 1.3 million households that applied for the Earned Income Tax Credit for the first half of 2024. The number of eligible households increased by 100,000 from last year to 1.21 million households. The total payment amount increased by 55.4 billion won to 578.9 billion won, with an average of 480,000 won per household.

57.89 Billion KRW Distributed to 1.21 Million Households for First Half of This Year's Earned Income Tax Credit... Average 480,000 KRW per Household

The semi-annual payment system for the Earned Income Tax Credit was introduced starting from the 2019 tax year to reduce the time gap between the income occurrence point (2024) and the credit payment point (legally September 2025), thereby enhancing income support and work incentives for working households.

The results of this review were notified via mobile or mail. They can also be checked through the dedicated consultation center for the credit, the automated response system, and Hometax (PC and mobile). A National Tax Service official stated, "Going forward, the National Tax Service will continue to implement welfare taxation for economically vulnerable groups through the stable execution of earned income and child tax credit systems."