The Ministry of Culture, Sports and Tourism will deduct 30% of income from gym X swimming pool from July next year
Dec 15, 2024
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The Ministry of Culture, Sports and Tourism (hereinafter referred to as the Ministry of Culture, Sports and Tourism) announced that the scope of income deduction for cultural expenses will be expanded to gyms and swimming pool facilities from July 1 next year.
On March 5, at the 17th debate on people's livelihoods held under the theme of `Korea leaping to the power of the youth,' young people asked for 'income deduction for living and sports facilities' to lower the economic burden on sports, and Deputy Minister of Culture, Sports and Tourism Jang Mi-ran promised to reflect the relevant details in this year's tax law revision. On the 10th, the National Assembly passed the National Assembly plenary session of the Restriction of Special Taxation Act, which contains such information.
Accordingly, the cultural expense income deduction, which has been applied to books, performances, museums, art galleries, newspapers, and movies, will also be applied to gyms and swimming pools from July next year. Gyms and swimming pools are the most frequently used sports facilities by the public, and if the system is implemented, 30% of the facility fee will be deducted within the limit of 3 million won if the total salary is less than 70 million won. Training expenses such as one-on-one customized exercise such as PT are excluded from the deduction. The applicable facilities are companies that have applied to participate in the system among 13,000 gyms and swimming pools reported to local governments nationwide under the 「Sports Facility Act」.
The Ministry of Culture, Sports and Tourism, along with the Korea Culture Information Service, the operator of the cultural expense income deduction, will continue to push for briefing sessions and collecting opinions for the industry so that as many companies as possible can participate in the cultural expense income deduction so that more people can benefit. After announcing how to apply through the cultural expense income deduction site, we plan to receive pre-application until June next year and then receive regular applications.
A policy officer of the Ministry of Culture, Sports and Tourism said "If sports facilities are included in the income deduction for cultural expenses, the growth of related industries such as facilities, supplies, and clothing is expected as well as the promotion of public health."The Ministry of Culture will strengthen policy support so that more people can enjoy sports next year." conveyed his will.
Reporter Jeon Young-ji, sky4us@sportschosun.com .
sky4us@sportschosun.com
