Democratic Party's Jeong Il-young
Proposes 'Amendment to the Restriction of Special Taxation Act' on the 30th
A bill has been proposed to increase the annual usage frequency of duty-free shops for domestic residents in Jeju to 12 times and to expand the spending limit in order to revitalize the stagnant domestic tourism, aviation, and duty-free industries. The photo is unrelated to the article.
[Asia Economy Reporter Cha Min-young] A bill has been proposed to revitalize the stagnant domestic tourism, aviation, and duty-free industries by increasing the annual usage frequency of Jeju domestic duty-free shops to 12 times and expanding the spending limit.
On the 30th, Jeong Il-young, a member of the Democratic Party of Korea, announced that he had officially proposed the "Partial Amendment to the Restriction of Special Taxation Act" based on this content.
In the case of domestic duty-free shops in China and Japan, the duty-free limits are 100,000 yuan (approximately 17 million KRW) and 200,000 yen (approximately 2.15 million KRW), respectively, with no restrictions on the number of uses, aiming to convert overseas consumption to domestic consumption. In contrast, under current law, the price limit for duty-free goods for Jeju domestic travelers is $600 (approximately 680,000 KRW) per use, and purchases are limited to six times per year.
Jeong Il-young explained the purpose of the proposal, saying, "The decrease in tourists to Jeju due to the spread of COVID-19 has led to a decline in duty-free shop sales and management and employment instability for partner companies. It is necessary to rationally improve the current system considering the status of duty-free shop systems in neighboring countries to induce revitalization of the domestic tourism, aviation, and duty-free industries, which have been stagnant due to COVID-19."
He added, "The damage to Jeju's tourism industry, including the decrease in tourists due to the COVID-19 pandemic, amounts to 1.5 trillion KRW. We will continue to propose regulatory innovation bills for the survival of the struggling domestic tourism, aviation, and duty-free industries."
Meanwhile, 18 lawmakers, including Yoo Jeong-ju, Hong Ik-pyo, Song Jae-ho, Shin Young-dae, Jeong Tae-ho, Hong Seong-guk, Yoon Hu-deok, Song Ki-heon, Lee Tan-hee, Lee Seong-man, Choi Ki-sang, Park Sang-hyuk, Heo Jong-sik, Kim Jong-min, Yoon Kwan-seok, Kim Gyo-heung, and Maeng Seong-gyu, co-signed the partial amendment to the Restriction of Special Taxation Act (in order of co-sponsorship).
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