Amendment to the Agricultural, Forestry and Fisheries Credit Guarantee Fund Passed at Cabinet Meeting: "Easier Access to Hidden Asset Information"

[Asia Economy Reporter Park Sun-mi] On the 13th, the Financial Services Commission announced that the partial amendment to the Credit Guarantee Act for Farmers, Foresters, and Fishery Workers was approved at the Cabinet meeting.

The amendment aims to enable the Credit Guarantee Fund for Farmers, Foresters, and Fishery Workers to obtain information on hidden assets of debtors from tax authorities to facilitate the recovery of subrogation claims.

It includes provisions to establish the basis for requesting tax information from the heads of tax offices or local governments. Previously, there was no specific legal basis for requesting tax information held by tax offices and local governments, making it difficult to secure such information.

Additionally, it requires that requests specify the taxpayer's personal details, purpose of use, requested information, and scope in a detailed document. The partial amendment to the Credit Guarantee Act for Farmers, Foresters, and Fishery Workers, which passed the Cabinet meeting today, is expected to be submitted to the National Assembly within this month.