The National Assembly held a plenary session on the 29th and passed the current law, such as the “Special Act on Donation of Emergency Disaster Grants”, the Corona 19 Tax Law, and the Internet Bank Law Amendment.
Special legislation on donation and use of donations that were passed at the plenary session of the National Assembly on this day stipulates the procedure for donating emergency disaster aid. The government plans to give a 15% tax deduction for year-end settlement or general income tax return when donating emergency funds.
This donation is used as income from the Employment Insurance Fund, and the agency in charge of receiving the emergency disaster support fund has been unified into the Labor Welfare Corporation. If an application is not received within 3 months from the application commencement date, it is assumed that there is a voluntary donation intention, and the application deadline will be determined by the Ministry of Public Administration and Security.
Also known as the amendment to the Corona 19 Tax Act and the Special Tax Restriction Act. This amendment contains the contents of increasing the deduction rate of income to 80% for the amount paid by credit / debit card from April to July of this year. In the same period, 80% of the income deduction rate is applied to the amount of cash receipt, debit / prepaid card, public transportation use, and traditional market use. In addition, if an individual business or corporation purchases goods or services necessary for the second half of this year from a small business owner and advances the purchase price for more than three months in April-July, prepayment / pre-purchase, 1% of the amount is deducted from income tax or corporate tax. This is to save consumption that has been stagnant with Corona 19.
Amendments to the Korea Development Bank Act were also passed, which contained the legal basis for raising funds to support the key industries struggling with Corona 19. The revised proposal included the establishment of a key industry stabilization fund in the Industrial Bank, and financing of the issue of bonds and financing by the government and the Bank of Korea. Air transport, general purpose machinery manufacturing, electricity, automobile engine and automobile manufacturing, ship and boat construction, maritime transportation, and telecommunications industries are eligible for support.
An amendment to the Special Act on the Establishment and Operation of Internet Banks, which eases the qualifications of Internet banking shareholders, has also passed. The amendment aims to ease the violation of the Fair Trade Act among the requirements for approval of ownership of over-the-counter shareholders.
The reason for disqualification of large shareholders was alleviated from a violation of the Fair Trade Act to an unfair trading activity. As a result, KT, which has a history of violating the Fair Trade Act, is able to secure K-bank's largest shareholder requirement.
The “Telegram n-Room Prevention Act” (n-Room Prevention Act) also passed the National Assembly.
Reporter Jinyoung Park, firstname.lastname@example.org
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