Government, Full Support for Flood Recovery in Affected Areas... Maximum Mobilization of Available Resources

[Financial News]  


The Ministry of the Interior and Safety announced on the 21st that it would support local governments to mobilize all possible means such as local finances and taxation for the recovery from nationwide heavy rain damage.
The Ministry first requested each local government to actively utilize readily available resources such as reserve funds or disaster management funds for urgent damage recovery, including relief supplies and temporary housing support.
For emergency recovery equipment rental and temporary relief facility installation, it urged the active use of contract special provisions such as private contracts or contract review exemptions to prevent delays in relief activities due to contract procedures.
It also informed that public properties such as community centers and school gyms can be temporarily used free of charge as temporary shelters for affected residents, and rent reductions and lease extensions can be granted to tenants of damaged public properties.
For vehicles destroyed or damaged by heavy rain, the automobile tax is exempted, and acquisition tax and registration license tax are exempted for reacquiring destroyed or damaged houses, barns, agricultural machinery, and vehicles.
Additional local tax reductions can be provided for damage suffered by residents in areas declared as special disaster zones.
Local tax benefits such as extending the payment deadline for acquisition tax, local income tax, etc., for affected residents by up to one year, or deferring the collection of local tax assessments and arrears by up to one year, can also be supported.
The seizure of delinquent property or the sale of seized property can be deferred within a one-year range, and taxpayers who find it difficult to undergo tax audits due to heavy rain damage can apply for audit postponement.
Additionally, the Ministry encouraged residents in heavy rain areas to apply and receive the livelihood recovery consumption coupons, which start being distributed today, online rather than visiting community centers for safety. It also requested the active operation of 'visiting services' as temporary housing facilities.
In case of a declaration as a special disaster zone, local governments can reduce city gas fees, water, and sewage fees to stabilize the livelihood of residents, which was also informed.
The Ministry plans to implement financial support such as extending loan maturities (within one year), deferring principal and interest repayments (within six months), and emergency fund loans for affected households and small businesses through cooperation with local Saemaul Geumgo.
In collaboration with the Korea Central Volunteer Center and local volunteer centers, it plans to establish and operate an integrated volunteer support group and carry out volunteer activities for disaster victim support and damage recovery.
Through cooperation with the three major national movement organizations, including the Saemaul Undong Central Association, the Korea Freedom Federation, and the Barun Living Movement Council, it plans to conduct recovery and relief activities for flood-affected areas.

ktitk@fnnews.com Kim Taekyung Reporter