"Overcome COVID-19 and Foster New Industries" Sangui Proposes Legislation to the National Assembly

On the 1st, when the phased daily recovery (With Corona) was fully implemented, employees were preparing for business at a 24-hour restaurant in Seoul city. From this day, up to 10 people can gather in the metropolitan area, and up to 12 people in non-metropolitan areas, and most facilities such as restaurants and cafes can operate 24 hours./Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Choi Dae-yeol] The Korea Chamber of Commerce and Industry (KCCI) expressed on the 1st that the National Assembly should create or amend laws to help the livelihood economy damaged by COVID-19 and enhance corporate vitality.

According to the legislative tasks submitted by KCCI on the day, there is a proposal to extend the carryback period for losses for small and medium-sized enterprises (SMEs) to overcome COVID-19 damage. KCCI argued that the Special Tax Treatment Control Act amendment bill, which temporarily extends the period for deducting losses from taxes paid in advance from the current one year to three years in consideration of COVID-19 damage, should be passed.

They proposed that business restrictions on quasi-large stores (corporate supermarkets) subject to regulations like large marts should be eased. Since many franchise stores are effectively operated by small business owners and small and medium distribution companies, KCCI saw the need to pass an amendment to the Distribution Industry Development Act that exempts business restrictions if more than half of the store opening costs are borne.

KCCI also saw the need to pass the National Core Strategic Industry Special Act, which designates core competitive technologies such as semiconductors and batteries, supports research and development and infrastructure costs, and reduces corporate tax. They requested legislation on the amendment to the Personal Information Protection Act to revitalize the data industry and the amendment to the Autonomous Driving Promotion Act to refine autonomous driving technology.

In addition, KCCI believed that the Serious Accident Punishment Act should be supplemented by clarifying ambiguous parts and establishing exemption provisions. Since uniformly regulating working hours is not appropriate, they argued for amending this and passing an amendment to the Inheritance Tax Act to reduce the post-management period of business succession to five years.

Meanwhile, KCCI emphasized that laws and amendments enabling class-action lawsuits and punitive damages, as well as the Youth Tax Act, Social Solidarity Special Tax Act, and Energy Transition Support Act, should be carefully reviewed or reflect corporate opinions. Choi Gyu-jong, head of the Corporate Policy Team at KCCI, said, "Economic legislation should not be sidelined amid the presidential election schedule," adding, "Since there is no party line in overcoming COVID-19 and supporting the livelihood economy, we hope important economic bills will be promptly processed."

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