Article 91-18 (Tax Special Treatment for Personal Comprehensive Asset Management Accounts)

Where a resident falling under any of the following subparagraphs subscribes to an account that meets all the requirements of the subparagraphs of paragraph (3) (hereinafter referred to as a "Personal Comprehensive Asset Management Account" in this Article) or extends the contract period, income tax shall not be imposed on the sum of interest income and dividend income (hereinafter referred to as "interest income, etc." in this Article) generated from such account, up to the non-taxable limit amount under paragraph (2); and for the amount exceeding the non-taxable limit amount under paragraph (2), a tax rate of 9 percent shall be applied, notwithstanding Article 129 of the Income Tax Act, and shall not be included in the comprehensive income tax base under Article 14 (2) of the same Act. <Amended by 2017.12.19, 2018.12.24, 2020.12.29, 2021.12.28, 2024.12.31> 1. A person aged 19 or older as of the subscription or extension date. 2. A person aged 15 or older as of the subscription or extension date, who had earned earned income in the taxable period immediately preceding the taxable period to which the subscription or extension date belongs (excluding those with only non-taxable income. Hereinafter the same shall apply in this Article). 3. Deleted <2020.12.29>.

A "Personal Comprehensive Asset Management Account" refers to an account that meets all of the following requirements. <Amended by 2016.12.20, 2018.12.24, 2020.12.29, 2021.12.28, 2024.12.31, 2025.12.23> 1. To hold only one account per person. 2. The account name is a Personal Comprehensive Asset Management Account, and it is an account falling under any of the following items: a. An account opened by entering into a contract prescribed by Presidential Decree with a securities company, etc. (hereinafter referred to as "securities company, etc." in this Article) under Article 8 (3) of the Capital Markets and Financial Investment Business Act. b. An account opened by entering into a contract prescribed by Presidential Decree with a discretionary investment manager (hereinafter referred to as "discretionary investment manager" in this Article) under Article 8 (6) of the Capital Markets and Financial Investment Business Act. c. A trust account opened by entering into a specific money trust contract with a trust company (hereinafter referred to as "trust company" in this Article) under Article 8 (7) of the Capital Markets and Financial Investment Business Act. 3. To be managed with assets falling under any of the following items: a. Deposits, savings, deposits, and other similar financial products prescribed by Presidential Decree. b. Collective investment securities of collective investment schemes under Article 17 (1) 5. of the Income Tax Act (excluding foreign collective investment securities under Article 279 (1) of the Capital Markets and Financial Investment Business Act). c. Derivative-linked securities or derivative-linked bonds under Article 17 (1) 5-2 of the Income Tax Act. d. Securities or certificates taxed under Article 17 (1) 9. of the Income Tax Act. e. Stocks of publicly traded companies under Article 88 (3) of the Income Tax Act. f. Other assets prescribed by Presidential Decree. 4. The contract period shall be 3 years or longer. 5. The total deposit limit shall be 100 million won (for residents who have subscribed to the Financial Savings Account under Article 91-14 or the Long-Term Collective Investment Securities Savings Account under Article 91-16, it shall be the amount excluding the total contract amount of the Financial Savings Account and the Long-Term Collective Investment Securities Savings Account), and the annual deposit limit shall be the amount calculated by the following formula: <img src="http://www.law.go.kr/flDownload.do?flSeq=110816065" alt="img110816065"> ┌───────────────────────────────────────────────┐ │20 million won × [1 + number of years elapsed since subscription (if the elapsed years are 4 years or more, then 4 years)] - cumulative deposit amount │ └───────────────────────────────────────────────┘

When applying paragraph (1) or (2), the total amount of interest income, etc. shall be calculated by subtracting the losses prescribed by Presidential Decree generated from the assets under the items of subparagraph 3 of paragraph (3), in the method prescribed by Presidential Decree, from the interest income, etc. generated from the assets under the items of subparagraph 3 of paragraph (3), as of the contract termination date of the Personal Comprehensive Asset Management Account. <Amended by 2017.12.19, 2020.12.29, 2021.12.28, 2024.12.31>

If a trust company, etc. terminates the contract before the third anniversary of the date the account holder of a Personal Comprehensive Asset Management Account first entered into the contract (excluding cases where the contract is terminated due to unavoidable reasons such as death or emigration of the account holder, as prescribed by Presidential Decree; hereinafter referred to as "early termination" in this Article), the tax equivalent to the income tax for which the tax special treatment was applied shall be additionally collected according to Article 146-2. <Amended by 2024.12.31>

The Commissioner of the National Tax Service shall verify whether the account holder of a Personal Comprehensive Asset Management Account falls under subparagraph 2 of paragraph (1) (limited to earned income requirements) or the subparagraphs of paragraph (2) (limited to total salary and comprehensive income amount requirements), and notify the trust companies, etc. thereof. <Amended by 2016.12.20, 2017.12.19, 2020.12.29, 2021.12.28, 2024.12.31>

If the account holder of a Personal Comprehensive Asset Management Account deposits all or part of the balance of the account into a pension account pursuant to Article 59-3 (3) of the Income Tax Act after the third anniversary of the date the contract was first entered into, the contract period of the Personal Comprehensive Asset Management Account shall be deemed to have expired. <Newly added by 2020.12.29, 2021.12.28, 2024.12.31>