Amendment to the 'National Property Act' for Temporary Rent Relief for Small Business Owners
Scheduled for April Implementation Through Shortening Legislative Notice Period (40 Days → 7 Days)
[Asia Economy Reporter Kwangho Lee] The Ministry of Economy and Finance announced on the 4th that it has given prior legislative notice of a partial amendment to the 'Enforcement Decree of the State Property Act' to temporarily reduce the usage fees of state-owned property for small business owners residing in state-owned properties who are experiencing difficulties due to the novel coronavirus infection (COVID-19).
This amendment to the enforcement decree is part of follow-up measures to the 'Comprehensive Measures for Minimizing the Impact of COVID-19 and Early Overcoming of Livelihood and Economy' announced on the 28th of last month.
Under the current Enforcement Decree of the State Property Act, when small business owners are granted permission (lease) to use state-owned property, a usage fee rate of 3% or more of the property value, which is lower than the general usage fee rate (5%), is imposed. However, the amendment allows the Minister of Economy and Finance to temporarily set a period and apply a rate of 1% or more, which is one-third of the current rate, to alleviate business burdens caused by natural disasters, calamities, economic downturns, or situations like the current COVID-19 pandemic.
However, to prevent benefits from concentrating on certain small business owners, a support limit will be set.
The amendment to the Enforcement Decree of the State Property Act, which has been given prior legislative notice, will be expedited as much as possible considering the urgency of the matter.
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The legislative notice period will be shortened to 7 days (March 4 to 11), and the time required to amend the presidential decree (generally 2 to 3 months) will be reduced to within one month. Subsequently, after consultations with related ministries, review by the Ministry of Government Legislation, and deliberation and resolution by the Deputy Prime Minister and the Cabinet meeting, the amendment is being promoted with the goal of implementation in April.
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