Nobel Prize for Literature Han Kang, KRW 1.3 billion in prize money is 'non-taxable and other income'

The prize money of 1.3 billion won by novelist Han Kang, who is the first Korean writer to receive the Nobel Prize in Literature, is tax-free.Article 18 of the Enforcement Decree of the

Income Tax Act stipulates that "the prize money and injuries received by winners of the Nobel Prize or from foreign governments, international institutions, international organizations, and other foreign organizations or funds" are tax-free other income.

As a result, Han Kang will receive the prize money without taxes.

Nobel Prize winners will be awarded 11 million krona in prize money, about 1.34 billion won, medals, and certificates.

Asked at today's parliamentary audit of the Strategy and Finance Committee whether the Nobel Prize prize will be tax-free under the Enforcement Decree of the Income Tax Act, Deputy Prime Minister and Minister of Strategy and Finance Choi Sang-mok said, "I know that."