Assemblyman Song Gap-seok Receives '2019 Legislative and Policy Development Excellence Award'

‘Partial Amendment to the Restriction of Special Taxation Act’ Selected as an Excellent Bill

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Assemblyman Song Gap-seok (The Democratic Party of Korea, Gwangju Seo-gu Gap) received the '2019 Excellent Legislator Award for Legislation and Policy Development.'

According to The Democratic Party of Korea on the 24th, the Excellent Legislator Award for Legislation and Policy Development is an award organized by the National Assembly Secretariat, given to outstanding legislation among bills passed in plenary sessions throughout the year, selected by the Legislation and Policy Development Committee composed of experts in various fields.

Assemblyman Song's 'Partial Amendment to the Restriction of Special Taxation Act' was selected as an excellent bill.

This bill aims to establish a legal basis for tax support such as tax credits to enhance corporate competitiveness and promote investment. It raises the deduction rate for investment in productivity improvement facilities of small and medium-sized enterprises (SMEs) from 7% to 10%, and extends the investment deadline, which was scheduled to expire at the end of last year, until 2022.

It was evaluated that the bill, considering timeliness, practicality, and policy effectiveness in overcoming the crisis faced by domestic SMEs, has greatly contributed to long-term workplace innovation and industrial competitiveness improvement of SMEs.

Assemblyman Song said, "I hope this will greatly help strengthen the industrial competitiveness of SMEs, which have been severely impacted by the COVID-19 national crisis and Japan's export regulations," and added, "In the 21st National Assembly, I will repay the public with legislative achievements and parliamentary activities that help the ordinary economy and the real economy."

Meanwhile, last year, Assemblyman Song actively communicated with SME representatives by holding meetings with SMEs by industry, meetings with SMEs in Gwangju's five major industries, and visiting Banwol-Sihwa Smart Industrial Complex regarding Japan's export regulations to resolve field difficulties. He also led the proposal of amendments to the Monopoly Regulation and Fair Trade Act to eradicate unfair trade and prevent monopolies by large corporations, thereby alleviating the burdens on SMEs.

This content was produced with the assistance of AI translation services.