Overcoming the crisis in rural and fishing villages... tax benefits need to be extended

Tax relief benefits for the agricultural sector face reduction plans Concerns over the burden on agricultural cooperatives' support for farmers The reduction of tax relief benefits for the agricultural sector has raised the need for a sunset extension at the National Assembly level. The government held the Tax Development Deliberation Committee last month 31 and confirmed and announced this year's tax reform plan. The Ministry of Economy and Finance explained that the reform was driven in the direction of improving the efficiency of tax support as the tax revenue base weakened amid increasing fiscal spending needs. However, in the agricultural sector, it is feared that the reduction of tax relief benefits will burden agricultural cooperatives' support for farmers. In this tax reform plan, regarding national taxes, the special tax rate for cooperative legal entities has been increased from the current 12% to 15% for the taxable base exceeding 2 billion won, and the income standard ...