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Application for the Individual Income Tax Exemption (New)

Date 20-Sep-2017

Notice:Application for the Individual Income Tax Exemption,1.What is Application for the Individual Income Tax Exemption?,A non-resident who participates in the PyeongChang 2018 olympic and Paralympic winter Games (“the Games”) or performs activities related to the Games operations, require the recognitioin of the PyeongChang Orrganizing Committee for the 2018 Olympic and Paralympic Winter Games (“POCOG”) to be exempted from the individual income tax under the paragraph of Article 104-28 of the Restriction of Special Taxation Act. Individuals eligible to apply for the individual income tax exemptin (Paragraph of Article 104-28 of Restriction of Special Taxation Act)shall be: (1)Non-residents(who stay less than 183 days in korea);,(2)Who participates in the Games or performs activities related to the Games operations: and – Members, executives and staff of the foreing-domiciled legal entities*,*IOC,IPC,NOC,NPC,OBS,IF,IPSF,WADA,CAS,IOC TMS,OCS ,Omega ,Agitos ,Atos ,Olympic Foundation for Culture and Heritage – Athletes, coaches, trainers , referees and technical officials – Individuals participating in the Games or perform activities related to the Games operation including performers.(3) Who does NOT have an accreditation card (AD card) – AD card substitutes as POCOG’s official recognition and non-resident holding AD cards are not required to complete the 2.Application Procedure. Special provision for residents (paragraph 2 of Article 47-3 of the Enforcement Regulation of the Restriction of Special Taxation Act). The following individuals are deemed to be non-residents even they stay in Korea for 183 days or more (until December 31, 2018) – Executives and staff of broadcasters holing exclusive rights (RHBs),Olympic Broadcasting Services(OBS) – Executives and staff of Games timing and scoring company (OMEGA), Games management information system company(Atos). IMPORTANT: Except for the executives and staff of OBS, RHBs, Official Timekeeper and Atos, the individuals who plan to stay in Korea for more than 183 days in any given 12 months period should seek advice and assistance from a local tax specialist. 2.Application procedure for the Individual Income Tax Exemption,Application procedure for the Individual Income Tax exemption 1 eligible individuals shall enter the prescribed items on the application form and submit the required documents to the relevant POCOG Functional Area (FA).*Please peruse the requirements and the required documents on the application form.

2.Each(relevant)FA will lcollect the required documents including application for the individual income tax exemption and submit them to POCOG FIN on regular basis. > Application Period:Till the January 1 of the year following such taxable period which the date of one’s income belongs(For example, income belongs to May 23, 2016 shall be applied by Jan. 31,2017) 3.Status of the POCOG recognition will be notified to each FA. Required Documents – Apllication for participating PyeongChang 2018 Winter Games or performing activities related to the Games operations (Korean or English) – Copy of passport; - Document proof of stay in korea(e.g. Airplane tickets etc.); and – Official document proving the participation of applicant in the Games (e.g. Employment contract) 3.For any other enquiries regarding the individual income tax exmption, please contact: KIM Hyunsoo Finance,POCOG Tel.+82 33 350 5567 Email:Finance.Tax@PyeongChang2018.com CHOE Eunyoung Finance,POCOG Tel.+82 33 350 4776

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