"Real Estate Regulation and Tax Burden Relief"…People Power Party Announces 30 Legislative Tasks

Plan to Promote 114 Bills in 5 Major Areas Including Strengthening COVID-19 Prevention
Also Includes Yoon Mi-hyang Prevention Act and Oh Geo-don Prevention Act

Kim Jong-in, Emergency Response Committee Chairman of the People Power Party, and Joo Ho-young, Floor Leader, are attending the Emergency Response Committee meeting held at the National Assembly on the 10th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Kim Hyemin] The People Power Party announced on the 10th that it has selected 30 major tasks across five key areas to be pursued during the first regular session of the 21st National Assembly. A total of 114 bills, including the top party bill related to overcoming the novel coronavirus disease (COVID-19) crisis, were included. Many bills targeting government policies, such as easing real estate regulations and tax burdens, were also included.

Earlier, on the 7th, the plenary session passed the "Act on Gender Equality in Employment and Work-Family Balance and Support," proposed by the People Power Party, which focuses on extending the family care leave period. The People Power Party stated, "We will strive to ensure that the remaining bills included in the top party bill are processed within the regular session," and selected them as priority tasks. These include ▲paid family care leave ▲allowing financial support for facilities, personnel, and equipment at regional emergency medical institutions ▲expanding income tax or corporate tax reductions on income from small and medium-sized enterprises in special disaster areas due to infectious diseases.

They will also push for the passage of bills to ease tax burdens on homeowners, including reductions in capital gains tax and acquisition tax rates. The People Power Party said, "We will focus on passing laws to reduce the burden on people's livelihoods by stabilizing the housing real estate market and alleviating various tax burdens that weigh heavily on citizens," adding, "We will make a major shift in the Moon Jae-in administration's economic policies through legislative reforms for deregulation, revitalization of management, and activation of future growth industries."

They also announced plans to pass bills named "Yoon Mihyang Prevention" and "Oh Geodon Prevention." These include ▲introducing a sincere reporting verification system for public interest corporations ▲establishing an accounting information system for public interest corporations ▲requiring registration and submission of audit reports for fundraising exceeding 1 billion KRW ▲prohibiting the political party that nominated the winning candidate from recommending candidates in by-elections held due to gross negligence or corruption.

Policy Committee Chair Lee Jong-bae additionally stated, "We will prepare active measures to prevent natural disasters such as floods and landslides, especially to eradicate violence against children and women and prevent crimes," and "We will not neglect preparations for future generations, including youth employment, low birthrate and aging population, and environmental issues."

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