Minister Choi Huieyoung to Push for "Book Production Cost Tax Credit"... Youth Pass to Cover Book Purchases from August

Minister of Culture, Sports and Tourism Choi Huieyoung has announced plans to introduce a "Book Production Cost Tax Credit," which would allow a portion of publishing content production costs to be deducted from taxes. Starting in August, books will also be eligible for purchase using the Youth Culture and Arts Pass.

Minister of Culture, Sports and Tourism Hwei-Young Choi is discussing future policy directions in the publishing sector with committee members at the 2nd meeting of the Culture and Arts Policy Advisory Committee's Publishing Division held on the 27th at the National Museum of Modern and Contemporary Art, Seoul, Jongno-gu. Ministry of Culture, Sports and Tourism

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On April 27, the Ministry of Culture, Sports and Tourism held the 2nd meeting of the Publishing Division of the Culture and Arts Policy Advisory Committee at the National Museum of Modern and Contemporary Art, Seoul, in Jongno-gu, Seoul, to discuss ways to promote reading culture and support the publishing industry. The meeting was attended by Kim Taeheon, President of the Korean Publishers Association, Hong Youngwan, President of the Korean Publishers Society, Kwon Taewan, CEO of KW Books, and Kim Soyoung, CEO of Munhakdongne.

Minister Choi stated on this day, "I agree with the need to introduce a tax credit for publishing content production costs," and added, "We will work to develop various rationales and push for improvements to relevant tax policies." He emphasized, "Publishing is the foundation of a knowledge-based and culturally advanced nation, as well as the root of K-Culture," and expressed his intention to continue consultations with fiscal authorities.

Discussions on improving the fixed book price system are also accelerating. Regarding the public-private consultative body for reviewing the fixed book price system, which was launched in February, Minister Choi explained, "We will hold a public hearing in early May and proceed with related procedures, such as regulatory review and revision of publishing laws."

Support for book purchases targeting young people will also be expanded. Minister Choi noted, "It's unfortunate that the book purchase coupon program was not included in the supplementary budget," but added, "Measures have been taken to allow books to be purchased using the Youth Culture and Arts Pass starting in August." The Youth Culture and Arts Pass is a program that provides vouchers to young people aged 19 and 20 residing in Korea, which can be used for performances, exhibitions, film screenings, and now book purchases.

Measures to promote local bookstores and expand reading culture were also discussed. Since April 22, the Ministry of Culture, Sports and Tourism has been operating late-night bookstores at more than 140 local bookstores nationwide. Minister Choi also announced plans to expand reading events as part of everyday programs in conjunction with "Culture Day," which is now held every Wednesday.

Minister of Culture, Sports and Tourism Choi Huieyoung is discussing future policy directions in the publishing sector with committee members at the 2nd meeting of the Publishing Subcommittee of the Cultural Arts Policy Advisory Committee held at the National Museum of Modern and Contemporary Art, Seoul, Jongno-gu, on the 27th. Ministry of Culture, Sports and Tourism

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The issue of public library book supply was also brought to the table. Lee Daegun, President of the National Local Bookstore Network, suggested that there is a need for institutional improvements to enable local bookstores to play a proper role within the public supply structure.

Minister Choi responded, "There was a directive at the Cabinet meeting to pay closer attention to the issue of local bookstores supplying books to libraries," and added, "We will continue on-site discussions to determine whether a more fundamental approach is possible compared to the existing private contract method."

The issue of compensation for damages to the publishing industry caused by collusion in the printing paper market was also raised. The Fair Trade Commission had previously imposed a total fine of 338.3 billion won and a corrective order on six printing paper manufacturing and sales companies for price-fixing. On this day, the Korean Publishers Association and the Korean Publishers Society issued statements demanding that the fines be returned as a resource to foster the publishing and cultural industries. Minister Choi stated, "I will personally look into how to address the proven damages already suffered by the publishing industry."

The need to support the expansion of book-based intellectual property (IP) was also highlighted. Kim Soyoung, CEO of Munhakdongne, cited the case of the children's novel "A Very Long Night" being adapted into a musical and pansori, and emphasized the need for support for children's books to enter overseas markets, legal advice on copyrights, and assistance at the showcase stage.

Minister Choi agreed on the need to promote Korean publishing content overseas, stating, "At a time when K-Culture is gaining global attention, if our books are translated into local languages, it can create a strong synergy effect."

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