Assemblyman Shin Jeong-hoon Proposes "Regional Special Zone Revitalization Act"
Need for Substantial Tax Reductions and Financial Support Beyond Current Regulatory Exceptions
Promoting Regional Economic Revitalization Through Establishment of Local Self-Reliance Foundations
[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Shin Jeong-hoon, a member of the Democratic Party of Korea (Naju·Hwasun), announced on the 17th that he has taken the lead in proposing a revision to the 「Regulatory Sandbox Act on Regulatory Free Zones and Regional Special Development Zones」 to promote the revitalization of regional special zones.
The amendment focuses on establishing a legal basis for providing tax reductions and financial support to regional special development zones.
The regional special zone system designates certain areas as special zones to support specialized development projects in cities, counties, and districts, selectively applying regulatory exemptions. After a basic local government formulates a plan and gathers opinions from residents and local councils, it applies to the Ministry of SMEs and Startups. The Ministry then designates and announces the special zones after consultations with related ministries and review and resolution by the Regional Special Zone Committee. Currently, 198 special zones have been designated, with Jeonnam holding the largest number at 38.
However, since its introduction in 2004, the regional special zone system has been supported mainly through regulatory exemptions led by local and private sectors without direct dedicated financial or tax support. As a result, local governments with poor financial conditions have faced practical difficulties, unable to actively promote the regional special zones even if they wish to do so.
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Representative Shin Jeong-hoon stated, “Regional special zones are concentrated in non-metropolitan and non-urban areas where finances are relatively poor and various conditions are underdeveloped. Active support is necessary to faithfully achieve the policy objectives of the regional special zone system and to realize balanced development through the establishment of a regional self-reliance foundation.”
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