Assemblyman Seo Samsuk Proposes 5-Year Extension Bill for Sunsetted 'Agriculture, Fisheries, and Livestock Tax Reduction System'

"Contributing to the Livelihood Stability of Farmers, Fishers, and Livestock Farmers Suffering from COVID-19"

Democratic Party of Korea Representative Seo Sam-seok (Yeongam, Muan, Sinan)

[Asia Economy Honam Reporting Headquarters Reporter Seo Young-seo] A bill to extend the tax exemption system for the livelihood stability of farmers, fishers, and livestock farmers, which is scheduled to expire this year, has been proposed for five years until 2025.

On the 11th, Seo Sam-seok, a member of the Democratic Party of Korea (Yeongam, Muan, Sinan), announced that he had jointly proposed two bills, the “Partial Amendment to the Restriction of Special Taxation Act” and the “Partial Amendment to the Restriction of Local Tax Special Cases Act,” to provide economic support for farmers, fishers, and livestock farmers.

According to the current Restriction of Special Taxation Act, various tax benefits are provided, such as a 100% exemption from capital gains tax on land for livestock and fisheries use, and gift tax for farming children; low-rate taxation on the current net profit of cooperative corporations such as Nonghyup and Suhyup; and exemption from taxation on interest income and dividend income on members’ deposits and investment funds deposited in cooperatives.

The Restriction of Local Tax Special Cases Act also provides a 50% reduction in acquisition tax on farmland, forest land, and agricultural machinery for self-cultivating farmers, and on aquaculture rights, fishing vessels, and land for self-employed fishers; as well as a 50% reduction in acquisition tax and property tax on real estate used for farming, fishing, distribution, and processing by agricultural and fishery corporations.

However, these provisions are scheduled to expire after December 31, raising concerns that the hardships faced by farmers, fishers, and livestock farmers?who are suffering severely due to the opening of agricultural and fishery product imports, price declines, and the COVID-19 situation?will worsen.

Lawmaker Seo Sam-seok explained the background of the bill, stating, “Extending the period of tax support regulations in the agriculture and fishery sectors, which are set to expire this year, will significantly reduce the tax burden on farmers, fishers, and livestock farmers and contribute greatly to their livelihood stability.”

Meanwhile, on the same day, Seo Sam-seok also jointly proposed the “Partial Amendment to the Agricultural Cooperative Act,” which changes the election system for the president of the Nonghyup Central Association from an indirect election by delegates to a direct election by all cooperative heads participating in a general meeting.

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