Minister of Agriculture, Food and Rural Affairs Song Mi-ryeong stated on August 3 that "the expansion of the special agricultural tax will be a new leap for agriculture and rural areas," adding, "We will develop a growth strategy for agriculture and rural areas based on diverse opinions and also promote efficient financial innovation measures."
Minister Song made these remarks while presiding over a meeting of experts on growth strategies for agriculture and rural areas utilizing the special agricultural tax at the Korea Press Center.
The meeting was convened in anticipation of an increase in the special agricultural tax this year, aiming to establish a sustainable growth foundation for agriculture and rural areas.
The surge in special agricultural tax revenue is attributed to the booming domestic stock market, which has led to increased trading volumes. The special agricultural tax is structured so that a certain percentage is automatically withheld when stocks are sold. As of June, the accumulated revenue from the special agricultural tax reached 10.1366 trillion won, a 175% increase compared to the previous year.
Experts attending the meeting emphasized the need for strategic investments to address structural changes in agriculture and rural areas, such as rural depopulation, climate change, and a decline in agricultural workforce. They specifically suggested scaling up and consolidating agriculture, demonstrating and disseminating agricultural science and technology, ensuring mobility rights in rural areas, expanding AI in agriculture and rural areas, and enhancing support for young farmers.
Additionally, various proposals were made regarding innovative financial management to utilize limited resources more effectively. It was pointed out that due to the significant revenue volatility of the special agricultural tax depending on stock market conditions, restructuring of various targeted projects, including rural development initiatives, should be prioritized.
Minister Song made these remarks while presiding over a meeting of experts on growth strategies for agriculture and rural areas utilizing the special agricultural tax at the Korea Press Center.
The meeting was convened in anticipation of an increase in the special agricultural tax this year, aiming to establish a sustainable growth foundation for agriculture and rural areas.
The surge in special agricultural tax revenue is attributed to the booming domestic stock market, which has led to increased trading volumes. The special agricultural tax is structured so that a certain percentage is automatically withheld when stocks are sold. As of June, the accumulated revenue from the special agricultural tax reached 10.1366 trillion won, a 175% increase compared to the previous year.
Experts attending the meeting emphasized the need for strategic investments to address structural changes in agriculture and rural areas, such as rural depopulation, climate change, and a decline in agricultural workforce. They specifically suggested scaling up and consolidating agriculture, demonstrating and disseminating agricultural science and technology, ensuring mobility rights in rural areas, expanding AI in agriculture and rural areas, and enhancing support for young farmers.
Additionally, various proposals were made regarding innovative financial management to utilize limited resources more effectively. It was pointed out that due to the significant revenue volatility of the special agricultural tax depending on stock market conditions, restructuring of various targeted projects, including rural development initiatives, should be prioritized.
* This article has been translated by AI.
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