Organizations Receiving Subsidies Over 100 Million Won... Mandatory External Verification
Resolution of the Partial Amendment to the Enforcement Decree of the Act on Subsidy Management at the Cabinet Meeting on the 13th
From now on, private organizations receiving more than 100 million won in government subsidies will be required to undergo external verification. This strengthens oversight of labor unions, civic groups, and others receiving government subsidies.
According to the Ministry of Economy and Finance on the 13th, the "Partial Amendment to the Enforcement Decree of the Subsidy Management Act," which includes these provisions, was approved at the Cabinet meeting that day. It will be implemented by June after the President's approval.
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The amendment lowers the threshold for subsidy projects or indirect subsidy projects requiring external verification of settlement reports from the current 300 million won to 100 million won.
This amendment is part of the Yoon Seok-yeol administration's national agenda to enhance transparency in subsidies for non-profit private organizations. In addition to the approved amendment to the Enforcement Decree of the Subsidy Management Act, the Ministry of Economy and Finance plans to revise the Subsidy Management Act itself to lower the requirement for submitting audit reports from subsidy recipients receiving 1 billion won or more to those receiving 300 million won or more. The Ministry expects that increasing transparency in subsidy projects requiring external verification will block wasteful spending and prevent financial leakage caused by fraudulent claims.
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