Tax reform proposal raises concerns over increased burden on farmers

[Agricultural Fisheries and Livestock Newspaper=Reporter Han-tae Lee] The tax reform plan and local tax reform plan recently announced by the Ministry of Economy and Finance and the Ministry of the Interior have only partially reflected the benefits set to expire at the end of this year that the agricultural sector has been requesting, raising concerns on the ground. In particular, tax benefits related to agricultural cooperatives are not being extended or are being reduced, and the criteria for the targets are being tightened, which is expected to result in a reduction in agricultural, rural, and farmer support projects by agricultural cooperatives and an increase in the tax burden on farmers. The parts of the tax reform plan that are causing concern this time are the reduction in the scope of non-taxable deposits in the national tax sector, the increase in corporate income tax for agricultural cooperatives, and the end of the exemption from registration license tax for agricultural mortgage registrations and local corporate income tax in the local tax sector.