NongHyup Goheung County Branch Holds Practical Council Meeting on Hometown Love Donation System

Return Gifts Made with Goheung Agricultural and Livestock Products

[Goheung=Asia Economy Honam Reporting Headquarters Reporter Shim Jeong-woo] Jeonnam Nonghyup Goheung County Branch (Branch Manager Kim Tae-hoon) held a working council on May 19 (Thursday) with the heads of economic departments of local agricultural and livestock cooperatives to ensure the successful establishment of the Hometown Love Donation System, scheduled to be implemented from January 2023.

The Hometown Love Donation System allows individuals to donate up to 5 million KRW annually to local governments other than their current residence.

Donors receive tax deductions (100% up to 100,000 KRW, and 16.5% on the excess amount) and can receive thank-you gifts from the respective local governments amounting to 30% of the donation (up to 1 million KRW).

This system aims to supplement weakened local finances caused by low birth rates, aging population, and population outflow, and contribute to reducing the economic gap between central and local regions.

At the working council, it was agreed to emphasize the importance of selecting thank-you gifts made from locally produced and processed agricultural and livestock products so that the Hometown Love Donation can serve as a catalyst for improving financial conditions and revitalizing the local economy in rural areas, and to take the lead in establishing cooperative systems with related organizations.

Branch Manager Kim Tae-hoon said, “We will prepare various thank-you gifts made from Goheung agricultural and livestock products to fully repay the gratitude of the Hometown Love donors.”

Goheung=Asia Economy Honam Reporting Headquarters Reporter Shim Jeong-woo sevenshim@asiae.co.kr