Rep. Yoon Jae-gap Proposes 5-Year Extension of Tax Reduction Benefits for Farmers and Fishermen

Extension of Sunset Deadline for Tax-Exempt Fuel Supply in Agriculture, Forestry, and Fisheries

Extension of 100% Capital Gains Tax Exemption for Self-Cultivated Farmland

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

[Asia Economy Honam Reporting Headquarters Reporter Kim Hyun] Yoon Jae-gap, a member of the National Assembly's Agriculture, Forestry, Livestock, Food, and Maritime Affairs Committee (Democratic Party, Haenam·Wando·Jindo), announced on the 17th that he has taken the lead in proposing a bill to extend the tax exemption benefits for farmers and fishermen, which are set to expire on December 31, by five years.

Under the current law, to reduce the tax burden on farmers and fishermen, measures such as supplying tax-free fuel for agricultural and fishery use, reducing capital gains tax on self-cultivated farmland, and exempting acquisition tax on farmland and forest land acquired for cultivation purposes have been implemented, but these benefits are set to expire on December 31.

Accordingly, Representative Yoon Jae-gap has taken the lead in proposing amendments to the 'Restriction of Special Taxation Act' and the 'Restriction of Local Taxation Act' to extend the tax exemption benefits for farmers and fishermen until 2026.

Representative Yoon stated, “Recently, our farmers and fishermen have been suffering from a triple hardship due to the contraction of agricultural and fishery product consumption caused by COVID-19, successive natural disasters, and livestock infectious diseases such as avian influenza (AI).” He added, “I will continue to do my best to improve laws and systems to support farmers and fishermen who are responsible for South Korea's food security.”

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