Inclusion of additional participation period of national pension for childbirth
Additional participation period of national pension for childbirth
- When a currently or formerly insured having two or more children acquires entitlement to an old-age pension (including where a person can acquire entitlement to an old-age pension if an additional period should be added to his/her coverage period under this Article), up to 50 months, the following period will be added to the duration of entitlement to the National Pension (Article 19 (1) of the National Pension Act and Article 25 (1) of the Enforcement Decree of the National Pension Act).
1. Where the number of children is 2: 12 months
2. Where the number of children is 3: 30 months (12 months for the second child + 18 months for each additional child after the second child)
3. Where the number of children is 4: 48 months (12 months for the second child + 18 months for each additional child after the second child)
4. Where the number of children is five or more 50 months (12 months for the second child + 18 months for each additional child after the second child: but only for up to 50 months)
- The additional period of national pension coverage for childbirth shall apply to the birth (including adoption) of a second child or more after January 1, 2008, Articles 1 and 19 of the National Pension Act (Act No. 8541. Issued and enforced on July 23, 2007).
- Where both parents are currently or formerly insured, the additional subscription period of the national pension above shall be added to only one of the two parents’ subscription periods by agreement between the father and the mother, and when the parents fail to reach an agreement, the additional period shall be equally divided to be added to each parent’s subscription period (Article 19 (2) of the National Pension Act).
Discount on automobile acquisition tax
Discount on automobile acquisition tax
- Where a person who raises at least two children (hereafter in this Article, referred to as “person raising several children”) under 18 years of age (based on the record in the family relation register; adopted children and the spouse’s children shall be included, but adopted children shall be excluded from the number of children of biological parents, hereinafter the same shall apply) and at least three children under 18 years of age acquires and registers any of the following motor vehicles until December 31, 2027 for the purpose of raising children, acquisition tax on a motor vehicle shall be exempted for one motor vehicle for which an application for reduction or exemption is filed first. Provided, That this shall not apply where at least one person among those raising at least three children under 18 years of age owns any motor vehicle for which acquisition tax is reduced or exempted previously or where joint registration is made with a person, other than his/her spouse has been made (joint registration with children is limited to cases under Article 22-2(3)3 of the Act on Restriction on Special Cases Concerning Local Taxation, hereinafter the same shall apply) (Article 22-2(1) of the Act on Restriction on Special Cases Concerning Local Taxation).
1. Any of the following passenger motor vehicles
A. Passenger motor vehicle with a seating capacity between 7 and 10 passengers
B. Passenger motor vehicle, other than that prescribed in item (This car shall be exempted only if the acquisition tax is less than KRW 1.4 million, and if it exceeds KRW 1.4 million, KRW 1.4 million will be deducted).
2. Van with a seating capacity not exceeding 15 passengers
3. Cargo motor vehicle with a load capacity not exceeding 1 t
4. Two-wheeled motor vehicle with an engine displacement not exceeding 250 cc
- For a multi-child fosterer raising two children under the age of 18, a 50% reduction in acquisition tax shall be granted for the first vehicle that meets the above conditions and is acquired and registered for caregiving purposes by December 31, 2027, provided that the application for tax reduction is submitted first. However, for passenger cars falling under Item(b) of Subparagraph 1, if the acquisition tax is 140 million KRW or less, a 50% reduction shall be applied; if it exceeds KRW 140 million, KRW 700,000 deduction shall be granted. However, this shall not apply if at least one person among multi-child fosterer raising two children under the age of 18 already owns a vehicle that was previously granted a tax reduction or registers the vehicle jointly with someone other than their spouse or children (Article 22-2(2) of the Act on Restriction on Special Cases Concerning Local Taxation).
- The same acquisition tax reduction shall apply to vehicles acquired and registered by multiple-child caregivers under any of the following conditions by December 31, 2027 (Article 22-2(3) of the Act on Restriction on Special Cases Concerning Local Taxation):
1. When the vehicle is acquired as a replacement and registered.
2. When the ownership of a tax-reduced vehicle is transferred and registered to the spouse of the multi-child fosterer.
3. When the multi-child fosterer passes away, and the ownership of a tax-reduced vehicle is transferred and registered to the spouse and children in accordance with Article 1009 of the Civil Act based on statutory inheritance shares.
※ Where the ownership of a motor vehicle, with acquisition tax reduced or exempted according to the above reasons, is transferred without just grounds, such as death, marriage, emigration, cancelation of a driving license, or other reasons similar thereto, within one year from the date the motor vehicle is registered, the reduced or exempted portion of acquisition tax shall be collected as a penalty. Provided, that where a multi-child fosterer who has been exempted from acquisition tax for the above reasons transfers ownership of the relevant motor vehicle to the spouse of the relevant multi-child fosterer, the exempted acquisition tax will not be charged (Article 22-2(4) of the Act on Restriction on Special Cases Concerning Local Taxation).
※ If a vehicle that has received a tax reduction under the above provisions falls under any of the following categories, it shall be deemed as not owned, regardless of its registration status in the records. Accordingly, the acquisition tax reduction provisions under Article 22-2(1) through (3) of the Act on Restriction on Special Cases Concerning Local Taxation shall apply (Article 22-2(5) of the Act on Restriction on Special Cases Concerning Local Taxation).
1. A vehicle for which an automobile dealer has requested brokerage for the sale of a used vehicle, excluding used vehicles that are not sold and are returned to the owner.
2. A vehicle that has been destroyed, lost, or damaged due to a natural disaster, fire, traffic accident, or other causes and is deemed irretrievable or unusable, as recognized by the Special Metropolitan Mayor, Special Self-Governing Province Governor, Mayor, County Governor, or District Head (referring to the head of an autonomous district in the case of a district head).
3. A vehicle that has been scrapped, as certified by an automobile dismantling and recycling business operator.
4. A vehicle that has been exported after filing an export declaration with the Customs Office Chief.