Shin Sungbum Proposes Livelihood Bill Package to Ease Farmers’ Tax Burden and Strengthen Data Sovereignty

National Assembly member Shin Sungbum announced on the 21st that he has sponsored a set of livelihood bills aimed at easing the agricultural management cost burden for farmers and strengthening the protection of national geospatial information.

The bills introduced this time include a proposed amendment to the "Restriction of Special Local Taxation Act," two proposed amendments to the "Restriction of Special Taxation Act," and a proposed amendment to the "Act on the Establishment and Management of Spatial Information," making a total of four bills.

[Photo by Shinsungbum’s office] Shinsung Bum

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First, the amendment to the "Restriction of Special Local Taxation Act" contains a provision to extend the acquisition tax reduction for five years on farmland and agricultural facilities acquired by self-cultivating farmers for cultivation purposes. The intention is to reduce the initial farming costs for farmers and support the establishment of a stable agricultural foundation.

The two proposed amendments to the "Restriction of Special Taxation Act" respectively focus on: extending for five years the special corporate, dividend, and capital gains tax reductions for agricultural cooperatives, agricultural corporations, their members, and investors; and extending for three years the tax exemption for research and development grants received from the national government, local governments, and public institutions.

In addition, the amendment to the "Act on the Establishment and Management of Spatial Information" aims to address institutional shortcomings revealed during the recent controversy over the overseas transfer of precision maps, reduce the possibility of arbitrary administrative interpretations, and strengthen national data sovereignty. This bill was prepared as a follow-up measure to the "Emergency Forum on the Export of Precision Maps to Google" held in the National Assembly in March.

Assemblyman Shin stated, "Due to international instability, rising oil prices, and soaring agricultural input costs, the management conditions for farmers are becoming increasingly difficult. If these bills are passed, I expect that over 200 billion won in tax benefits will help reduce farmers' agricultural management cost burdens and also strengthen the competitiveness of agricultural business entities."

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