Munyango Gwangyang Mayor Preliminary Candidate, Pledges to Achieve '50 Billion Won Hometown Love Donation'

Published 26 Apr.2022 14:36(KST)

Fostering a Healthy Donation Culture, Revitalizing Local Economies, and Achieving National Balanced Development

Munyango Gwangyang Mayor Preliminary Candidate, Pledges to Achieve '50 Billion Won Hometown Love Donation'

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] Moon Yang-o, a preliminary candidate for mayor of Gwangyang, announced on the 26th his 11th pledge as a special pledge to "achieve 50 billion KRW in hometown love donations."

The "Hometown Love Donation Act" is a system where individuals donate to their hometown or local government, and the local government uses the donation for residents' welfare, while donors receive tax benefits and can be given a certain amount of the donation back in the form of local agricultural specialty products or local gift certificates as a token of appreciation.

According to preliminary candidate Moon Yang-o, hometown love donations are limited to 5 million KRW per individual annually, with a full tax credit up to 100,000 KRW and a 16.5% tax credit on the amount exceeding 100,000 KRW.

Regarding tokens of appreciation, up to 30% of the donation amount, with a maximum of 1 million KRW, can be provided in the form of goods produced or manufactured within the local government's jurisdiction or widely accepted local love gift certificates.

Preliminary candidate Moon Yang-o explained that hometown love donations can simultaneously promote a healthy donation culture toward one's hometown and revitalize the local economy.

Moon Yang-o stated, "We plan to secure more than 50 billion KRW annually in hometown love donations through a public-private joint civic movement and utilize it for welfare budgets such as women and youth."

He added, "Donors receive tax benefits and encourage a healthy donation culture throughout the local community, while providing local agricultural and livestock products as tokens of appreciation, thereby expanding new sales channels for local producers and greatly contributing to income increases."

Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr