Rep. Yoon Jae-gap Introduces Partial Amendment Bill to the Restriction of Special Taxation Act as Lead Sponsor

Yoon Jae-gap, Member of the Democratic Party of Korea (Haenam, Wando, Jindo)

[Asia Economy Honam Reporting Headquarters Reporter Kim Hyun] On the 25th, Representative Yoon Jae-gap (Democratic Party of Korea, Haenam·Wando·Jindo) announced that he had taken the lead in proposing the "Partial Amendment to the Restriction of Special Taxation Act," which extends the special case of applying the zero rate of value-added tax on agricultural, forestry, and fishery equipment until December 31, 2024.

Under the current law, to support farmers, foresters, and fishery workers, a zero rate of value-added tax is applied to agricultural, livestock, and forestry equipment supplied to farmers or forestry workers, as well as fishery equipment supplied to fishermen. However, this is scheduled to end on December 31, 2020.

Accordingly, Representative Yoon Jae-gap aims to promote stable income security for farmers, foresters, and fishery workers by proposing a bill to extend the special case of applying the zero rate of value-added tax on agricultural, forestry, and fishery equipment supplied to them for four years until December 31, 2024.

Representative Yoon explained, "Considering the aging and population decline in rural areas, which is reducing the productive population and widening the regional gap between urban and rural areas, there is a need to continue the special cases for farmers and forestry workers."

He added, "The difficulties faced by farmers and fishery workers have intensified since the COVID-19 pandemic," and said, "I hope that extending the value-added tax benefits on agricultural, forestry, and fishery equipment will reduce production costs and serve as an opportunity to revitalize the competitiveness of struggling rural areas."

The "Partial Amendment to the Restriction of Special Taxation Act" led by Representative Yoon Jae-gap was jointly proposed by Representatives Cho Kyung-tae, Wi Seong-gon, Moon Jin-seok, Lee Dong-joo, Jang Kyung-tae, Joo Cheol-hyun, Kim Min-chul, Lee Won-taek, and Lee Jae-jung.

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