The fees for using gyms and swimming pools can also be eligible for income deductions.
The Ministry of Culture, Sports and Tourism (Minister Yoo In-choon) announced on the 30th that as of July 1, in collaboration with the Korea Culture Information Service Agency (KCISA, Director Jung Un-hyun), over 1,000 gyms and swimming pool facility usage fees nationwide will be eligible for income deductions.
The cultural expense income deduction has so far applied mainly to the cultural arts sector, including books, performances, museums, art galleries, newspapers, and movies. However, this policy expands the deduction scope to the sports sector for the first time. Among them, gyms and swimming pools, which are the most frequently used major sports facilities by the public, were included as subjects for this income deduction.
Accordingly, workers with earned income of 70 million won or less can receive up to 300,000 won as an income deduction, calculated at 30% of the respective facility usage fees.
However, while entry fees (daily, monthly) are recognized as 100% facility usage fees, if expenses, such as lessons within the facility (personal training, swimming classes), do not separate facility usage fees and other costs, only 50% of the total amount can be recognized as facility usage fees. Expenses for purchasing exercise equipment and drinks within the facility are excluded from the facility usage fees.
The Ministry of Culture, Sports and Tourism and the Korea Culture Information Service Agency have been recruiting businesses wishing to participate in the system since January, and by the end of June, over 1,000 gyms and swimming pools nationwide had registered. They plan to continuously promote to the industry and the public through public and online media to expand the number of participating institutions. The current list of applicable facilities can be checked on the 'Cultural Expense Income Deduction website', and new facility registrations are also possible.
The government expects that this income deduction system will further invigorate sports activities, leading to enhanced public health and vitality in the sports industry. A policy official from the Ministry of Culture, Sports and Tourism noted, 'I hope our citizens can check surrounding facilities eligible for income deductions on the cultural expense income deduction website and enjoy more benefits,' adding, 'Businesses are encouraged to actively participate and apply as they can expect an increase in sales due to heightened consumer searches and marketing effects.'
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