Extension of tax exemptions in the agricultural sector, etc., to reduce the tax burden on farmers, fishermen, and small business owners.

Published 2025년 10월 7일

Tridge summary

[Agricultural, Fisheries, and Livestock Newspaper=Reporter Han-tae Lee] A revision of the law aimed at reducing the tax burden on farmers and fishermen and small business owners is being pushed, including extending the tax special treatment in the agricultural sector, which is scheduled to end this year, by five years and allowing agricultural and fishing operators using rented agricultural machinery to also receive tax-exempt fuel, among other measures. Representative Hee-yong Jung (People Power Party, Go-ryung, Sung-ju, Chil-gok) introduced six tax law revision proposals on the 1st, including five bills partially revising the Tax Special Treatment Limitation Act and one bill partially revising the Value Added Tax Act. The purpose of supporting agriculture, rural areas, farmers, and small business owners includes reducing the value-added tax rate on agricultural equipment, exempting interest income from agricultural and fishing savings accounts from income tax, and reducing taxes on agricultural, fishery cooperatives, and forestry.

Original content

Representative Jeong Hee-yong A revision of the tax law aimed at reducing the tax burden on farmers and small business owners is being pushed, including extending the agricultural tax special treatment, which is scheduled to end this year, by five years and allowing agricultural and fishing business owners who use rented agricultural machinery to receive tax-exempt fuel, among other measures. Representative Jeong Hee-yong (People Power Party, Goryeong-Seongju-Chelgok) introduced six tax law revision proposals on the 1st, including five bills to partially revise the Tax Special Treatment Limitation Act and one bill to partially revise the Value Added Tax Act. The proposed revisions to the Tax Special Treatment Limitation Act include extending the tax special treatment for the agricultural sector by five years, such as reducing the value-added tax rate for agricultural materials, exempting interest income from agricultural and fishing savings from tax, and exempting income tax on ...
Source: Aflnews

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