'Regional Love Gift Certificate' Issuance Mandatory National Support... Amendment Passed by National Assembly

[Financial News]  


In the future, administrative and financial support necessary for the issuance and operation of regional love gift certificates by the state and local governments will be mandated.
The Ministry of the Interior and Safety announced on the 4th that an amendment to the 'Act on the Promotion of the Use of Regional Love Gift Certificates' was passed by the National Assembly plenary session.
According to the amendment, the purpose clause adds 'mitigation of local extinction' and 'regional balanced development' to the existing strengthening of local communities and revitalization of the local economy.
Also, administrative and financial support necessary for the issuance and operation of regional love gift certificates by the state and local governments will be mandated.
The Minister of the Interior and Safety must obligatorily reflect the subsidy budget application of local governments in the budget request, but can adjust and reflect the application details considering financial burden capacity.
A basis for additional subsidy budget support for population-declining areas is also newly established.
The Minister of the Interior and Safety must establish and implement a basic plan for the activation of regional love gift certificates every five years, and a detailed implementation plan annually, and must conduct a usage survey within a range of three years.
This law amendment is significant in that it has created a stable issuance base by continuously supporting the discount costs incurred when local governments issue regional love gift certificates for the purpose of revitalizing the local economy, explained the Ministry of the Interior and Safety.
In particular, it is expected to contribute to regional balanced development by providing more support to difficult regions such as population-declining areas, thereby alleviating the administrative and financial burden of the region.
Based on the results of the usage survey, it is expected to promote the policy of activating regional love gift certificates more systematically and effectively by establishing and implementing basic and detailed implementation plans.
Minister Yoon Ho-jung said, "Regional love gift certificates are a very important and effective policy in supporting local small business owners and revitalizing local markets," and added, "I will actively promote full support and various activation measures so that regional love gift certificates can serve as a priming water for local economic revitalization."



ktitk@fnnews.com Kim Tae-kyung Reporter