As domestic stock investing picks up, revenue from The Special Tax for Rural Development is expected to top 10 trillion won. To strengthen the capabilities of rural communities, 0.15% of KOSPI transaction value is collected as The Special Tax for Rural Development.
According to the Ministry of Agriculture, Food and Rural Affairs on the 14th, cumulative receipts of The Special Tax for Rural Development from January to April this year were 5.7314 trillion won. That is more than 3 trillion won higher than the same period last year (about 2.3 trillion won).
Revenue from The Special Tax for Rural Development, which had been in the 3 trillion to 4 trillion won range through 2019, came to 6.3 trillion won in 2020 and 8.9 trillion won in 2021. With 9.2 trillion won collected last year, it topped 9 trillion won for the first time. With more of the tax collected as of April than last year, some say it could surpass 10 trillion won this year. The Ministry of Economy and Finance also estimated that 13.6 trillion won would be collected this year from The Special Tax for Rural Development.
In this regard, the agriculture ministry is said to be reviewing measures such as expanding a basic income program for rural communities. The program selects some areas among the 69 counties designated as population-declining regions and gives residents there 150,000 won in local gift certificates each month. A pilot project is underway for 17 counties, with a budget of 304.7 billion won invested.
To move beyond a pilot and make it a standing basic program, the Rural Basic Income Act passed the Agriculture. Food. Rural Affairs. Oceans. and Fisheries Committee, the relevant standing committee of the National Assembly, in March. The agriculture ministry plans to have the bill pass the National Assembly plenary within the year. The National Assembly Budget Office estimates that if a basic income program for rural communities is expanded to all population-declining regions, it would cost 4.9 trillion won per year.