Gift limit for agricultural, livestock, and seafood products raised to 200,000 won during holidays... Passed by the Legislation and Judiciary Committee

[Image source=Yonhap News]

[Asia Economy Reporter Park Jun-yi] Starting from next year's Lunar New Year, the gift value range for agricultural and marine processed products will be doubled from the current 100,000 won to 200,000 won.

The National Assembly's Legislation and Judiciary Committee (Legislation Committee) passed an amendment to the Improper Solicitation and Graft Act on the 8th, which doubles the value of agricultural, livestock, and marine products that can be gifted during the holiday period.

The amendment raises the gift value range for agricultural and marine products and processed products from the current 100,000 won to 200,000 won, limited to the Lunar New Year and Chuseok periods. This regulation will be applied starting from next year's Lunar New Year.

Through the revision of the enforcement decree by the Anti-Corruption and Civil Rights Commission, the applicable period is expected to be set from 30 days before to 7 days after Lunar New Year and Chuseok.