President Moon: "The Enforcement Decree for the Pohang Earthquake Holds Great Significance"

The State Council Deliberates and Approves Laws and Enforcement Decrees on Public Livelihood Including COVID-19... Also Approves Amendments to the Prosecutor's Office Organization Act

[Asia Economy Reporter Ryu Jeong-min] President Moon Jae-in said on the 25th regarding the results of the Cabinet meeting, "It is also very meaningful that the enforcement decree for relief from the Pohang earthquake was approved today."

President Moon specially requested the Cabinet, saying, "Since the opinions of the citizens of Pohang and Pohang City have been greatly reflected, I hope you will work together not only to ensure that actual damage relief is carried out promptly and financial support is provided, but also to carefully soothe the hearts of the wounded citizens of Pohang."

At the Cabinet meeting presided over by President Moon on this day, bills such as the 'Partial Amendment to the Restriction of Special Taxation Act,' presidential decrees such as the 'Partial Amendment to the Regulations on the Organization of the Prosecutor's Office,' and general agenda items such as the '2020 General Account Contingency Fund Expenditure Plan' were deliberated and approved.

[Image source=Yonhap News]

Yoon Jae-kwan, Deputy Spokesperson of the Blue House, explained, "At today's Cabinet meeting, important bills for overcoming the COVID-19 crisis, proactive responses to the post-COVID-19 era, and moving toward an inclusive, cooperative, and fair society were deliberated and approved."

The Partial Amendment to the Restriction of Special Taxation Act, which establishes an integrated investment tax credit system to promote corporate investment for overcoming COVID-19 damage and enhancing economic vitality in preparation for the post-COVID-19 era, was approved.

The Partial Amendment to the Corporate Tax Act, which extends the loss carryforward deduction period to five years to support companies affected by COVID-19, and the Partial Amendment to the Comprehensive Real Estate Tax Act, which prevents cases where multi-homeowners reduce their comprehensive real estate tax burden by using real estate trusts, were also approved.

The Partial Amendment to the Value-Added Tax Act, which raises the simplified taxation threshold to reduce the tax burden on small self-employed businesses, was also approved.

Additionally, the Partial Amendment to the Commercial Act, which introduces a multiple derivative suit system allowing parent company shareholders to file representative lawsuits against subsidiary directors who cause damage to the subsidiary through illegal acts, was approved.

Deputy Spokesperson Yoon said, "The Partial Amendment to the Monopoly Regulation and Fair Trade Act, which strengthens the eradication of private interest appropriation by the owners of large business groups, and the Act on the Supervision of Financial Groups, which establishes an institutional foundation for supervising 'non-holding financial groups' that were regulatory blind spots to promote sound management of financial groups, passed the Cabinet meeting."

Regarding presidential decrees, the Partial Amendment to the Regulations on the Organization of the Prosecutor's Office, which reduces the prosecution's direct investigation function following the adjustment of investigative authority between the prosecution and police and reorganizes the organization and functions of the Supreme Prosecutors' Office to strengthen the criminal and trial divisions closely related to citizens' lives, was deliberated and approved. The Partial Amendment to the Enforcement Decree of the Assembly and Demonstration Act, which strengthens noise standards near residential areas, schools, and general hospitals during late-night hours, was also deliberated and approved.

Deputy Spokesperson Yoon said, "The 2020 General Account Contingency Fund Expenditure Plan, which allocates 399.642 billion won from the 2020 general account contingency fund to cover the shortfall in the emergency employment stabilization subsidy, was passed to ensure that the emergency employment stabilization subsidy is paid promptly without delay."

In his closing remarks, President Moon said, "The bills approved at today's Cabinet meeting have special significance for overcoming COVID-19, inclusion and coexistence, and a fair economy. Please make efforts to ensure that they are legislated promptly through close consultation among the ruling party, government, and Blue House."

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