President Moon presides over Cabinet meeting... Deliberates and approves 14 items including Small Business Protection and Support Act

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] On the 6th, President Moon Jae-in presided over the Cabinet meeting and deliberated and approved 14 items, including the amendment to the Act on the Protection and Support of Small Businesses (Small Business Protection and Support Act).

The Blue House announced that President Moon presided over the 29th Cabinet meeting held via video conference between the Blue House and the Government Seoul Office and Government Sejong Office meeting rooms that morning.

At the Cabinet meeting, 7 legislative promulgation bills including the amendment to the Small Business Protection and Support Act, 2 legislative bills including the partial amendment to the Act on Investigation and Trial of Marine Accidents, and 14 items including the partial amendment to the Enforcement Decree of the Act on Designation and Operation of Free Trade Zones were deliberated and approved.

The amendment to the Small Business Protection and Support Act mainly establishes the basis for compensation for losses when small business owners suffer serious business losses due to COVID-19 related assembly bans and other measures.

The partial amendment to the Local Tax Act promulgation bill includes expanding the special application of property tax rates for one household one house owners from houses with a standard market value of 600 million KRW or less to houses with a standard market value of 900 million KRW or less.

Also, the partial amendment to the Government Organization Act promulgation bill includes establishing a dedicated vice minister for energy policy at the Ministry of Trade, Industry and Energy to achieve carbon neutrality by 2050, and the promulgation bill of the Act on Public Holidays includes provisions to designate substitute holidays when public holidays overlap with other public holidays.

Meanwhile, at the Cabinet meeting, the Ministry of Culture, Sports and Tourism reported on the preparation status of the Tokyo Olympic and Paralympic teams, including the operation status of the preparation team, vaccination status of the athletes, and on-site support plans.

This content was produced with the assistance of AI translation services.