NEC Distributes 4.19 Million USD in Political Deposits to Political Parties 

The National Election Commission (NEC) of the Republic of Korea announced that around 4.19 billion Korean won ($4.19 million USD) of political deposits donated to the NEC have been distributed to political parties with the hope of the Korean people for clean politics in 2016.

When looking at the political deposits given to each party, the Minjoo Party of Korea received 1.45 billion Korean won ($1.45 million USD), the Saenuri party received 1.42 billion Korean won ($1.42 million USD), the People''s Party received 1.40 billion Korean won ($1.40 million USD) and the Justice Party received 270 million Korean won ($270,000 USD).

Since the beginning of the current political deposits system in 1997, various donation methods have been continuously developed and a large number of small donations has been promoted. By 2016, donations to the NEC have amounted to a total of 77.2 billion Korean won ($77.2 million USD).

These donations are distributed to the relevant political parties every quarter, depending on whether the party has a negotiation body in the National Assembly, the number of seats that the party has in the National Assembly, or the number of votes in the most recent National Assembly elections.

Unlike donations made directly to the Political Fundraising Association (PFAs) of politicians such as members of the National Assembly, anybody can make political deposits to the National Election Commission, including public officials and private school teachers.

More than 46,000 people donated political funds to the NEC, the majority of who donated less than 100 USD

A total of 46,041 people participated in clean political donations last year, while 45,969 (99.8%) gave small donations of less than 100,000 Korean won ($100 USD). The average donation per person was 91,075 Korean won ($91 USD).

Donations up to 100,000 Korean won ($100 USD) are fully tax deductable. For donations over 100,000 Korean Won ($100 USD), 15% of the donation exceeding 100,000 Korean won ($100 USD), and for over donations over 30 million Korean won ($30,000 USD), 25% of the donation exceeding 100,000 Korean won ($100 USD) is tax deductable.

Anyone can access the Political Contributions Center (www.give.go.kr) and donate by credit card, bank transfer, mobile phone payment or easy payment.

The 4th quarter of 2016 donation, 4.14 million USD to 4 political parties

The NEC distributed a total of 4.14 billion won ($4,140,000 USD) on January 13 collected from October to December last year.

2016 Political Deposits by Political Party

(Unit: Korean Won and approx USD)