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KakaoBank launches hometown love donation service offering tax deductions and gifts

KakaoBank has launched a “hometown love donation” service ahead of year-end tax settlement, offering tax deductions and return gifts such as local specialty products. Users can check return gifts by local government and pay donations through the app. KakaoBank said it introduced the service with partner Wello. Donating 100,000 won qualifies for a full tax deduction and a return gift worth 30,000 won, and a 44 percent deduction applies to donations above 100,000 won up to 200,000 won.