Full Tax Exemption on Interest and Dividend Income From the 70 Million Won Lump Sum 'Our Child Independence Fund'
3 Articles
3 Articles
(Seoul = Yonhap News) Reporter Kang Su-ryeon = Interest generated from the government's 'Our Child Independence Fund,' which enables a child to have a lump sum of approximately 70 million won upon becoming an adult...
The government has decided to exempt the entire investment profit generated from the ‘Our Child Independence Fund,’ which supports asset formation for young people, from taxation. This product allows parents to deposit up to 2 million won annually into an account in their child's name until the child reaches the age of 18. Assuming an average annual return of 6%, assets of approximately 70 million won can be formed upon maturity.
The government will provide up to 1.2 million won annually until the age of 18 for funds registered in the name of children born after September of this year. The plan is designed so that if combined with parental contributions and invested for 19 years, the children can secure a lump sum of around 70 million won by the time they reach adulthood. On the 1st, the government held a "Meeting of the Emergency Economic Headquarters and Economic Mini…
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