INSIGHT: NORTHEAST ASIA - With Japan as inspiration, South Korea unveils
Coherent Identifier About this item: 20.500.12592/w4z3nr

INSIGHT: NORTHEAST ASIA - With Japan as inspiration, South Korea unveils

20 December 2022

Summary

Municipal governments in South Korea has significantly increased tax donations to local will be able to use the HLDS funds to support and governments and contributed to more balanced protect the socially vulnerable, promote local culture, regional development — will launch in 2023. [...] The HLDS will permit South Koreans to donate IMPLICATIONS to any municipal government except for the local government of their residence with limits on the In drafting the HLDS, South Korean government amount of donations, up to C$5,223 (5 million won) officials often referenced Japan’s successful HTDS, per person per year. [...] Competition among hometown donation However, there are concerns about the social costs platforms of the donation and tax deduction administrative Private donation platforms in Japan such as “Furusato processes and the market distortions caused by the Choice” and “Rakuten Furusato Tax” have contributed provision of gifts, including the risk of corruption to the successful launch of hometown tax don. [...] Moreover, some say that government for foreign donors, the South Korean government projects and responsibilities are being passed on to is expected to expand donation services to target the public in the name of donations. [...] The South Korean government has set various restrictions on the amount of donations and tax deductions to dispel worries and increase transparency in the early stages of the HLDS.

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