National Tax Service Refunds KRW 2.1 Billion to 4,687 Taxpayers Over Omitted Capital Gains Tax Deductions

Taxpayers who paid extra taxes after omitting the basic deduction when filing their capital gains tax on stocks are getting their money back.

The National Tax Service (NTS) announced today (Nov. 3) that it has refunded 2.1 billion won to 4,687 taxpayers who paid excess taxes due to omitted basic deductions in their stock capital gains tax filings for the years 2021 to 2025.

The refunds average out to about 450,000 won per person, with the maximum payout reaching 790,000 won, according to the NTS.

The capital gains basic deduction is an item deducted in accordance with tax laws when calculating the tax base.

The NTS explained that even though taxpayers did not apply for a refund separately, it reviewed the stock capital gains tax filings, reflected the omitted basic deduction of 2.5 million won, and issued the refunds.

Filing stock capital gains tax can be complicated as it requires semi-annual preliminary filings (for domestic stocks) and final filings (for overseas stocks, offsetting transfer gains and losses, etc.).

The NTS explained that although it has provided guidance through assistance materials, it proceeded with the refunds after finding numerous cases where taxpayers paid excess taxes because they were unaware that the basic deduction applies to stock capital gains tax filings or omitted it during the filing process due to errors.

The national tax refund notices will be sent to the eligible recipients via mobile or mail, and individuals can check whether they have a refund and the amount through "Detailed Refund Inquiry" on Hometax (Sontax).

Inquiries will display both already paid refunds and yet-to-be-received refunds.

If a refund account is registered with the NTS, the money will be deposited into that account without requiring a separate application. If no account is registered, taxpayers who wish to receive their refund via bank transfer can select "Payment Application" under "Detailed Refund Inquiry" on Hometax and enter an account under their own name.

The NTS advised taxpayers to exercise special caution, noting that it never asks for account passwords, card numbers, internet banking information, or money transfers under the pretext of issuing stock capital gains tax refunds.

Anyone suspecting electronic financial fraud should immediately report it to the National Police Agency (112), the Financial Supervisory Service (1332), or the Korea Internet & Security Agency (118).

(Photo provided by the National Tax Service, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.