Seoul, South Korea – The South Korean government has announced that 13 new industries will be mandated to issue cash receipts starting from 2025, as part of efforts to enhance tax collection and transparency.

The Ministry of Finance released a report on December 31st detailing the changes, which aim to improve the accuracy of income reporting and broaden the tax base.

The 13 newly added industries include travel agencies, other travel support and reservation services, swimming pool operations, various other sports facilities (including squash courts), outdoor stadiums, indoor stadiums, comprehensive sports facilities, bowling alleys, ski resorts, clothing, accessories, and imitation jewelry retail, computer and peripheral equipment repair services, ambulance services, and pet cemetery and care services.

Additionally, study cafes have been included in the existing category of self-study room operations, making them subject to the cash receipt issuance mandate.

Businesses in these sectors will be required to issue cash receipts for transactions exceeding 100,000 won, regardless of customer requests, starting from January 1, 2025.

Furthermore, the government has expanded the scope of credit card tax deductions to include fees for swimming pools and fitness centers for individuals with an annual income of 70 million won or less. The deduction rate will be 30%, capped at 3 million won, and the revised regulations will apply to expenses incurred from July 1, 2025, onwards.

These policy changes are expected to contribute to a more transparent and equitable tax system in South Korea.

[ⓒ Global Economic Times. 무단전재-재배포 금지]