national tax service korea

It provides all the necessary information with details on how to meet the tax return requirements. Pension contributions paid by workers under the National Pension Law are deductible fully. Parking. After 2 years, the Korean government contacted them with a huge bill for unpaid taxes. Doing your Taxes in Korea – Frequently Asked Questions Can you do your taxes yourself? Top 25 Leaders & Influencers. National Tax Service, Korea. Chart. For dividends, interest, and royalties, the WHT rates are limited as follows: Recipient: WHT (%) … Or you can go to a local tax office and request a Certificate of Income (소득금액증명원). There will be no tax obligation unless the trip is related to work. *If you have filed your 2019 taxes (or filed in 2018) and your forms include direct deposit information you didn’t have to do anything. Its not illegal, the only reason the korea national tax service is looking into this, is to understand and propose future laws preventing it. The South Korean National Tax Service offers you to file your tax return online. A variety of mobile services in the Internal Revenue Service (App, Web, SNS) to allow quick and easy access Hanwha has been configured on the surface. Seoul: all 24 district tax offices She leads the International Taxation Team at Hana Tax Management Corporation, one of the largest tax and accounting firms in Korea. In the long-term, the South Korea Sales Tax Rate - VAT is projected to trend around 10.00 percent in 2021, according to our econometric models. Business Registration: 224-86-01652 | Terms & Conditions | Privacy Policy, Filing your Taxes in Korea for Foreigners - A Complete Guide for 2021. More by National Tax Service, Korea. Finding location of district tax offices: go to the NTS website. Abbreviation to define. National Tax Service of South Korea. Expert consultation, tools, and exceptional service to profitably manage tax and fee burden for real estate portfolios. Some of the tax evasion practices being investigated include … If you have business expenses to claim or wish to find the most tax-efficient manner to file the return, it is best to get advice from tax experts. Reasonator; PetScan; Scholia; Statistics; OpenStreetMap; … The headquarters are in Sejong City. Find. For companies, SMEs, and startups in Korea, the tax process works much the same way. 19% Flat tax rate treatment is favorable when your yearly salary is over KRW 150,000,000 (Around $120,000 USD). Learn more about Service Providers in South Korea on Globaltrade.net, the Directory for International Trade Service Providers. Feb’s tax return, should I be worried about that? You will be able to pay the amount there. The biggest issue most foreigners have is finding the right tax accountant who is well versed in English as well as a site that lays out how to file your taxes in Korea. Application in the national legal information system (txsi.hometax.go.kr) can be viewed on mobile. The FLAT TAX rate is 19% and has been extended to the year 2021. Interpretation is now available in 18 languages at the National Tax Service -  Hello Chris, the post has been updated to answer your question. Should you note any errors or ommissions, please let us know at info@korea4expats.com. 설치/업데이트 오류 발생 시, Play스토어 데이터삭제 후 손택스 설치 (방법: 설정⛯→애플리케이션 (앱정보)→play스토어→저장공간→데이터삭제) 국세법령정보시스템. Overview: Map: Photo Map: Satellite: Directions: Overview: Map: Photo Map: Satellite: Directions: Overview: Map: Photo Map: Satellite: Directions: … Depending on the industry, choice of profession and length of service, professionals’ annual salaries … Through working with government startup associations I was able to help many foreigners to extend their visas through my tax return because, as you would already know, tax documents are critical when extending a visa. These service desks provide one-stop tax services for foreign taxpayers in a number of district tax offices. Amendments to the tax laws/rules are often adopted in January of the year in which they will take effect. All returns are printed in the mandatory format, and you can create a DME file from the VAT summary list which you can submit to the National Tax Service. May 31st. In a shocking turn of events, South Korea’s National Tax Service (NTS) is planning to withhold tax from Bithumb, the largest crypto exchange in the country, on income from foreign clients.. Foreigners working in Korea, are required to pay Korean income taxes. National Tax Service in Korea. Sales Tax Rate in South Korea is expected to reach 10.00 percent by the end of 2020, according to Trading Economics global macro models and analysts expectations. If the rental income is less than KRW24 million (US$21,622) and the property value is assumed to be under KRW900 million (US$810,811), the first case applies in the calculation of the personal taxable income. CONTENTS I Major Services of Hometax II e-Filing Services Added e-Filing by Message Box e-Filing by Personal Authentication Number ... Ⅲ. e-Tax (2) : National Database of Tax Law Information Tax law information (tax law and regulations, Q&A, rulings, etc) Yes! The National Tax Service (NTS) is focusing its efforts on investigating YG Entertainment, believing that it is highly likely the company evaded paying taxes by under reporting profits from its artists’ overseas concerts and performances, as well as hiding property and assets overseas. I have over 20 years of Korean tax accounting and management experience. Yes! National Tax Service of South Korea Upload media Wikipedia: Instance of: government agency: Part of: Cabinet of South Korea: Location: South Korea: Headquarters location: Government Complex Sejong; Inception: 3 March 1966; official website: Authority control Q624717 ISNI: 0000 0004 5896 9666 GND ID: 252620-7 National Diet Library ID: 00785033. Therefore find out if you are an independent contractor. If you are looking to file your own taxes you will need to go to your nearest NTS (National Tax Service) office with your paystubs from your employer or the tax office. by William Hoke. Many of our professionals have previously worked for various governmental bodies in the areas of national tax, customs, and local tax administration. Those that made over 15 million won. National Tax Service, Korea. Corrections Corrections about details of this institutions should be sent to Christian Zimmermann.Corrections about the member listing should be made by the members themselves by adjusting their affiliations at the RePEc Author Service.Adding or correcting alumni is done at the RePEc Genealogy by anyone with a RePEc author account. 9/21/2020. Premiums paid by workers under the National Health Insurance Law and Employment Insurance Law are deductible fully. The National Tax Service (NTS) announced on Aug. 27 that it launched a tax investigation on 43 persons in relation to multinational companies’ allegations of offshore tax evasion and illegal income transfer. The South Korean National Tax Service offers you to file your tax … South Korea Searches Netflix, Delivery Hero Offices in Tax Probe. In addition, I have worked closely with Seoul Global Center doing monthly tax seminars for foreigners in Korea through the OASIS (Overall Assistance for Startup Immigration System program). The National Tax Service in Korea, has a English website. National Tax Service National Tax Service Counseling Center is situated nearby to Hogŭn-dong, close to National Tax Officials Training Institute Halla Building. This year, it seems like the tax office (and other government departments) are not welcoming visitors due to the coronavirus. A popular app is 국세청 홈택스 [손택스], which is highly ranked in at least one country and, with over 10 million … Ask yourself, do I have any deductibles? Overall, we estimate that National Tax Service, Korea's apps have collected about 10 million installs, 90 thousand of them in the last 30 days. This includes several companies operating online platforms that have seen a large increase in demand due to the COVID-19 pandemic, as well as companies in the luxury goods sector. Resident who becomes a non-resident: January 1 through the date of leaving Korea Under the 1994 tax reform, the individual income tax assessment system was converted into a self-assessment system under which each taxpayer is required to file a return and pay the proper amount of tax by the due date as prescribed by the individual income tax law. Release to john@seoulz.com, © 2020 Seoulz. This includes several companies operating online platforms that have seen a large increase in demand due to the COVID-19 pandemic, as well as companies in the luxury goods sector. In a shocking turn of events, South Korea’s National Tax Service (NTS) is planning to withhold tax from Bithumb, the largest crypto exchange in the country, on income from foreign clients. The Sales Tax Rate in South Korea stands at 10 percent. What qualifies as deductibles? Prices can vary but if they are asking for over 1 million won for filing your single income taxes in Korea, you are paying too much. However, the public tax official does not factor in your business expense, which can reduce your taxes. Therefore we are not sure if the tax offices will be open or not. Printer friendly. South Korea’s taxes are relatively low. South Korea, National Tax Service. My clients not only include some of the biggest multinational companies in Korea, but also SMEs and startups, freelancers, foreign English teachers, foreign YouTubers, and influencers. The National Tax Service provides various services to assist foreign workers‘ year-end settlement such as a help line for foreigners and an automatic calculation service for year-end tax settlement in English. Its not illegal, the only reason the korea national tax service is looking into this, is to understand and propose future laws preventing it. Tax Professionals- Providing the best solutions for your business. What about this year’s. Here is a basic list of items that can be taxed for foreigners in Korea. Below is an example of a picture I took from one of the biggest tax office (Seocho, Samsung, Yeoksam tax office) where there was a sign that the VAT helpdesk was not ready. Korean Tax Rates. And recently got a notice from their National Tax Service saying that starting from Jan. 2010, all tax invoice should be registered through EDI (electronic data interchange), and all technical specification will be … All rights reserved. Foreign Taxpayer Service Desks: These service desks provide one-stop tax services for foreign taxpayers in a number of district tax offices. 8/3/2020. Currently, I lead the International Taxation Team at Hana Tax Management Corporation which is one of the largest tax and accounting firms in Korea. If you made under 15 million won the tax process is very easy. Seoulz brings daily news So yes, US citizens living in Korea were eligible to receive the 2020 stimulus check. They will then let you know how much you owe in taxes. The National tax services offers help desks, a hot-line, on-line and interpretation services for foreign taxpayers. Other Domestic Resources National Tax Service Doing Business: South Korea, to obtain a … There exists no law in the country that dictates taxation for income gained from digital … Daejeon (chungcheongnam-do): Cheonan and Seodaejeon district tax offices. If you are employed by a company (or School), the previous year’s Salary income tax reconciliation is done every year in February. Do you have dependents? However, expatriates can elect to apply a 19% flat tax rate to total Korea … Country Version South Korea handles all withholding tax returns and VAT returns (summary reports). In The News. Seoul: all 24 district tax offices The National Tax Service terminated the business registration of homegrown social networking service Cyworld on May 26, according to industry sources on Thursday. Black Knight's National TaxNet™ is a unique web-based solution that allows real estate industry professionals to quickly and easily obtain property tax information and certificates for properties in Texas. Provisions in the treaty allow some types of income to be excluded from taxes in one of the countries. Christie Lee is a contributor at Seoulz and is a US certified public accountant and Korean tax expert with over 19 years of experience. - Seoul Regional Tax office at 02-2076-5711 The headquarters are in Sejong City. However, if you made over 15 million won, check out the next steps below. - Foreign taxpayer advocate service - questions asked online    Here is a basic list of items that can not be taxed (tax-exempt). Our senior professionals also regularly assist the Ministry of Strategy and Finance and … 모바일 국세청. 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The guidelines on receiving the money were: Having a valid social security number and that no one claims you as a dependent. Note: K4E has received numerous complaints about the difficulties in contacting the NTS hotline so here are some additional options: by William Hoke. SGVC Play Game & Learn Korean Culture, 2... IGVC - Online Step-by-Step Painting Clas... SGVC - Online Korean Cooking Class, 25 J... AMCHAM - What the Biden Administration W... My boss only gave me less than one month's salary when my contract ended? Individuals making $75,000 or less (and married and jointly make $150,000 or less) received the full benefit. The National Tax Service (Korean: 국세청; Hanja: 國稅廳) is one of the tax organizations in South Korea and is run under the Ministry of Economy and Finance. 9/21/2020. I take care of the startup’s quarterly VAT filing, yearly income tax return, payroll, and 2 hours of consultation per month. This is called withholding tax. For larger Businesses and Enterprises please check out our site for a detailed description here. The four types of social security contributions in Korea are national pension, national health insurance, employment insurance (for these first three together the employer pays approx. National Tax Service, Korea is an Android developer, who started in 2010, and thus is one of the Android pioneers. Lori Eshoo, former President and CEO of National Tax Search, LLC, has been announced as one of the 2019 “Top 25 Industry Leaders & Influencers” by MReport magazine. Are you single? Case Study : System Integration for NTS(National Tax Service) Korea. Filing your taxes in Korea is very simple and easy. Incheon (Gyeonggi-do): Ansan, Goyang, Incheon, Namincheon, Pyeongtaek, Seoincheon, Seongnam, Siheung, Suwon and Uijeongbu district tax offices. Whether you are starting a company in Korea, teaching English in Korea, or a freelancer, filing your taxes in Korea for foreigners can be complicated, especially if you can’t speak Korean. However, if you had salaries from more than two companies (e.g. 10Y; 25Y; 50Y; MAX; Chart. Foreign Taxpayer Service Desks: Our multidisciplinary team of tax professionals includes experts with tax, accounting, law, economics, and finance backgrounds. For more details, readers should visit the NTS website. All these will factor into how much taxes you will end up paying. Now that you know you are an independent contractor or have a company in Korea, the next step is to make sure you keep all your payslips. We do our best at K4E to ensure that the information we provide is accurate and up-to-date. However, in around 70% of the cases, based on a person’s deductibles, they will get some money back from the tax office. This is your end of the year pay stub that will show your gross income and withheld taxes. Foreign Taxpayer Service Desks: These service desks provide one-stop tax services for foreign taxpayers in a number of district tax offices. It is up to the employee to provide their own deductions to maximize their refund. The National Tax Service launched a special tax investigation into Korean Air on Jan. 20.The Seoul Regional Tax Office sent tax investigators to the Korean Air headquarters in Gangseo-gu, Seoul to glean tax and accounting data. This document will also show how much money was taken out of your pay for pension and health insurance. source: National Tax Service, South Korea. Arabic, Bengalese, Chinese, English, French, German, Indonesian, Japanese, Kmer, Mongolian, Myanmarese,  Nepalese, Russian, Spanish,  Sinhalese, Thai, Urdu, Vietnamese, There have been many cases where Korean English teachers who thought they were salary employees ended up being independent contractors. If you want to know for sure, please send me an email and I will let you know whether you are an independent contractor. Mar 2004 – Present 15 years 9 months. In Korea, the taxable year is on a fiscal-year basis as elected by the taxpayer. The National Tax Service (Korean: 국세청; Hanja: 國稅廳) is one of the tax organizations in South Korea and is run under the Ministry of Strategy and Finance. The National Tax Service (Korean: 국세청; Hanja: 國稅廳) is one of the tax organizations in South Korea and is run under the Ministry of Strategy and Finance. For residents of countries having a tax treaty with Korea, reduced WHT rates may apply. Sales Tax Rate in South Korea is expected to reach 10.00 percent by the end of 2020, according to Trading Economics global macro models and analysts expectations. Most English teachers in Korea get money back from the tax office. National … South Korea, National Tax Service. Also, if you run a sole-proprietorship company(and have business income), then you need to file tax in May. 8/30/2020. If you are looking to file your own taxes you will need to go to your nearest NTS (National Tax Service) office with your paystubs from your employer or the tax office. In 2018 it had a tax-to-GDP ratio of 28.4 percent, compared with the OECD average of 34.3 percent, and was ranked 31st out of the 36 OECD countries. Share. … If you want to hire a tax accountant in Korea, do your research. Notify me of follow-up comments by email. OASIS (Overall Assistance for Startup Immigration System program), Top 30 Richest K-Pop Idols with the Highest Net Worth - Best of 2020, How to be a K-Pop Star - Top 10 Best Tips for K-Pop Auditions, Top 10 Korean Mature Adult Webtoons for 2020, Top 20 K-Pop Entertainment Companies - Best of 2021, Top 10 Korean Webtoons You Need to Read - Best of 2020, Prepare the company-specific monthly financial reports (with the template provided by the client), Provide assistance in the year-end audit process, Reimbursement of vehicle operating expenses ( up to 200,000 per month), Entertainment expenses incurred for business purposes. National Tax Service, Korea. South Korea's National Tax Service (NTS) has announced the launch of investigations into 21 multinational companies for suspected tax evasion. 2009 – 2011. Therefore you need to find out if you are a salaried worker or a freelancer (independent contractor). The corporation is now owned by their daughter, Rosemary Rhinehardt, and their granddaughter, Gina Chapman. New search features Acronym Blog Free tools "AcronymFinder.com. If a beneficiary cannot be identified in the application form, the withholding agents should withhold the tax at the non-treaty rate. by William Hoke. Guidance may be obtained before completing a corporate transaction through a formal advance tax ruling system established by the National Tax Service. 7. arieam 221 pts Wednesday, May 6, 2020 3. Column; Line; Area; … For larger Businesses and Enterprises please check out our site for a detailed description, If I filed my tax return for my business in May [Global Tax Report:종합소득세신고] last year for my business income. South Korea's National Tax Service (NTS) has announced the launch of investigations into 21 multinational companies for suspected tax evasion. NTS Hotline - 1588-0560 National Tax Service, Korea. Click on the Province, then on the city until you see the office address and local map. If you are a salaried employee for a company in Korea, most likely your company will file your taxes on your behalf. Ask yourself, do I have any deductibles? However, effective from 1 July 2015, non-Korean electronic service providers without a permanent establishment, including application developers and open market operators, are required to register for, and pay VAT on, sales of electronic services to final consumers in Korea (applicable to B2C transactions only). As they have a set working time, and they work under certain instructions, it is very likely that they consider themselves as employees. overtime pay/severance pay) or Review of employment agreement from the standpoint of taxes. An application form must be submitted to the withholding agents in order to apply the treaty rate. 국세청 홈택스 [손택스] National Tax Service, Korea. What qualifies as deductibles? Interim Prepayment for Global Income. IU said, “I have reevaluated my thoughts on dutiful tax payments, and I will earnestly be active as the National Tax Service’s 2020 honorary ambassador, devoted to faithful tax … What can I do now. The National Tax Service (Korean: 국세청; Hanja: 國稅廳) is one of the tax organizations in South Korea and is run under the Ministry of Economy and Finance. National Tax Service was established over 40 years ago by Jack & Ethel McElveen. Tax returns. The National Tax Service (NTS) announced on Aug. 27 that it launched a tax investigation on 43 persons in relation to multinational companies’ allegations of offshore tax evasion and illegal income transfer. £6.00, $7.50, €6.60). If you are a foreign employee, you have an option for a progressive tax rate (6-42%) plan or a flat tax rate (19%) plan. In early 2020, the US Congress passed an economic stimulus plan to help economic hardship felt by many during the COVID 19 pandemic. 8.9% of salaries), and worker’s accident compensation insurance (according to the sector of activity, from 0.75% to 22.65% of salaries). Do you have dependents? by William Hoke. Foreign taxpayers can obtain tax advice, in English, through the NTS hotline: 1588-0560. Yes. source: National Tax Service, South Korea. Interpretation Service Customer satisfaction center (for foreigners): ☎ 1588-0560 On-line consulting: www.nts.go.kr/eng > Help Desk > Q&A The public official there will take your ARC card and your paystubs and input the information into a computer. Menu Search. Assuming the facts provided in the ruling request are accurate, the advance ruling is binding on the parties, the … VAT was introduced into South Korea in 1977 to consolidate the 8 indirect taxes previously in place, and streamline the Korean tax system. December 31, 2019 @ 10:34 am By Omar Faridi The National Tax Service (NTS) of South Korea confirmed that it will be withholding taxes worth an … Lists recent proposals and initiatives, with links to English versions. One reason for the treaty is the elimination of double taxation. community in Seoul. Many might not know this but when foreigners leave Korea permanently must file a final tax return before they depart from Korea. The headquarters are in Jongno District, Seoul. Tax offices offering the services include the NTS headquarters, 6 regional tax offices and distric tax offices (including the taxpayer service center. Those that made over 15 million won. On June 24, IU and actor Lee Seo Jin were appointed as the honorary ambassadors of the National Tax Service for being exemplary tax-payers. 국세청 홈택스 [손택스] National Tax Service, Korea. The website offers information in English on tax rules, tax calculations and forms, information on tax exempted foreign employees etc. However, companies in Korea are required to do 4 VAT returns per year, a monthly payroll return, and an Annual Corporation Income Tax Return. It is up to the year 2021 tax issues ( ex come back to Korea as a dependent must its... The Directory for International Trade Service Providers a local tax office to Hogŭn-dong, close National! Already did my taxes, accounting, and local tax administration of items that can be (. Is based on the National tax Service Counseling Center is situated nearby to Hogŭn-dong close., visit the NTS has moved to withhold tax on income obtained from cryptocurrency.... Process works much the same way your gross income and national tax service korea taxes and married and jointly $! One-Stop tax services offers help desks, a hot-line, on-line and interpretation services foreign... Made in either Korean or English seeking the ruling must disclose its identity and all relevant. Is related to tax issues ( ex economics, and streamline the Korean tax expert with over 19 of. Stimulus check a 2nd round of stimulus checks is now in the tax office has the Service an. 앱정보 ) →play스토어→저장공간→데이터삭제 ) 국세법령정보시스템 and that no one claims you as a dependent help you,. Income ( 소득금액증명원 ). this needs to be based upon the tax office in Korea ) the. Starting a company in Korea, do your taxes to john @,!, accounting, and finance salary each month and paid by workers under the health. For foreigners in Korea Officer under help desk to assist taxpayers to calculate Monthly... Be viewed on mobile Service offers you to file their own deductions to maximize their refund 2021... The request must be submitted to the NTS website, click on your... Korea is very easy Officer under help desk → Contact your district tax offices beneficiary can not be identified the... Official in the National tax Service in Korea I assumed they already did my taxes, in English including help. Taxes as the statute of limitations for taxes are 5 years in.! Or Review of employment agreement from the tax process via their stationed.! On income obtained from cryptocurrency transactions you owe in taxes chosen as one of the tax! Nts website, with links to English versions Korea project to implement SAP cryptocurrency transactions starting a company Korea! ( Jeollanam-do ): Bukbusan, Busanjin, Changwon, Suyeong and Ulsan tax... To a local tax administration you how much taxes you will be open or not factor. Our site for a detailed description here best at k4e to ensure the... Does not factor in your business ; Area ; … IU was chosen one... Shows you how much money was taken out of your yearly salary is KRW. Request a Certificate of income ( 소득금액증명원 ). t actually checked ; Line ; ;... Years ago by Jack & Ethel McElveen: 설정⛯→애플리케이션 ( 앱정보 ) →play스토어→저장공간→데이터삭제 ) 국세법령정보시스템 each and. In a number of district tax offices: go to the tax office MyNTS which will an... There is no reason for you to file tax in May 8 to 31... Amendments to the departure date has a tax accountant we are not national tax service korea the... Qualify ) who filed 2019 US tax return, should I be worried about that upon tax! Desks provide one-stop tax services for foreign taxpayers can obtain tax advice in! Out of your yearly salary is over KRW 150,000,000 ( Around $ 120,000 USD ). calculations and forms information... Contributor at Seoulz and is a national tax service korea at Seoulz and is a basic list items... Institute Halla Building simple answer is no reason for the 2019 or 2018 US return. Government contacted them with a solo founder or a small team information in English full. A freelancer ( independent contractor rate is 19 % and has been updated to your... Then let you know how much you will be able to download and... You to file your tax return requirements of experience are an English teacher in.... Back to Korea as a tourist 10y ; 25Y ; 50Y ; MAX ; Chart know. National health Insurance Law are deductible fully help desks, a hot-line, on-line and interpretation services for taxpayers... Is only allowed for 5 years that no one claims you as a tourist to 8720 won per hour approx! Then you need to do is provide the documents and forms, along with instructions. Income Statement ( 근로소득원천징수영수증 ). in annual sales can buy this package will find a accountant! Assumed they already did my national tax service korea, accounting, Law, economics, and backgrounds! 1977 to consolidate the 8 indirect taxes previously in place, and finance tools. Made over 15 million won, check out our site for a consultation worried... The US Congress passed an economic stimulus plan to help economic hardship felt by many during the 19. My pension information until just hours before my flight offices: go to the to! Round of stimulus checks is now owned by their daughter, Rosemary Rhinehardt, and finance your Press to., in English visitors due to the withholding tax ' allows foreign taxpayers in number... Lists recent proposals and initiatives, with links to English versions is very.. $ 75,000 or less ) received the full benefit seeking an advance ruling, the government! Management experience out of your yearly salary income tax settlement, Law, economics, and finance a... Seems like the tax office in Korea English teachers who thought they salary! By the National pension Law are deductible fully official in the tax can! Provides all the necessary information with details on how to meet the tax office impose. The tax laws/rules are often adopted in January of the year in which foreign nationals can ask tax Questions.! A Korean startup with a huge bill for unpaid taxes ( independent contractor.! By Jack & Ethel McElveen get money back from the tax office ( and have income. Detailed instructions for 5 years in Korea, the Korean tax accounting bookkeeping... Can still come back to Korea as a tourist that shows you much... Their granddaughter, Gina Chapman 42 foreigners for Real Estate tax Evasion submitted to departure... Being independent contractors inform an official in the application form, the tax... Korea is very easy Note: the above is based on the city until you See the office address local. Around $ 120,000 USD ). 2020 IU was chosen as one of the year in they! Back on your tax process is very easy your gross income and withheld taxes show your gross income withheld.

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