Jeonbuk Province Expands Subsidy Criteria for Scrapping Old Agricultural Machinery

Expansion of Eligible Business Recipients and Agricultural Machinery Criteria, Increase in Subsidy Payment Rates

[Jeonju=Asia Economy Honam Reporting Headquarters Reporter Kim Han-ho] Jeonbuk Province announced on the 19th that it will relax the subsidy payment criteria for the early retirement support project for old agricultural machinery such as tractors and combines.

According to the province, the project target has been expanded so that not only farmers or agricultural corporations but also all owners including agricultural machinery after-sales service shops and permanent agricultural machinery sales outlets can receive support.

In addition, the standards for agricultural machinery have also been expanded.

Not only tractors and combines registered in the existing Nonghyup 'Tax-free Fuel Management System,' but also agricultural machinery not registered in the 'Tax-free Fuel Management System' will be included in the support target if there is a history of receiving tax-free fuel in the past.

Furthermore, the subsidy support unit price has been increased.

For tractors produced between 1997 and 2012, the support amount has been raised from a minimum of 210,000 KRW to a maximum of 3,620,000 KRW, and for combines produced between 2003 and 2012, the support amount has been increased from a minimum of 250,000 KRW to a maximum of 1,550,000 KRW.

Jeonbuk Province plans to expand the early retirement support project for old agricultural machinery to all cities and counties next year.

Meanwhile, the early retirement support project for old agricultural machinery is currently being promoted in five cities and counties: Namwon-si, Gimje-si, Jinan-gun, Imsil-gun, and Gochang-gun, and depending on the budget situation of the cities and counties, applications for two or more units are also possible.

Jeonju=Honam Reporting Headquarters Reporter Kim Han-ho stonepeak@asiae.co.kr