[Asia Economy Reporter Park Hyesook] Bucheon City in Gyeonggi Province is accelerating preparations to successfully implement the 'Hometown Love Donation System' scheduled to take effect in January next year.
The city announced on the 2nd that it has prepared the 'Ordinance on the Collection and Operation of Hometown Love Donations,' which has been submitted to the city council after a legislative notice.
The ordinance includes provisions on the establishment and operation of the Hometown Love Fund, the composition and operation of the Fund Operation Deliberation Committee, and the Gift Selection Committee.
The Hometown Love Donation System allows individuals to donate to a specific local government, creating a Hometown Love Fund that can be used to support vulnerable groups and youth, promote culture and health, and improve residents' welfare.
Individuals can donate up to 5 million KRW annually to local governments other than their place of residence, while corporations are excluded from being donors. Donors can receive gifts such as local specialties worth up to 30% of the total donation amount.
Donations up to 100,000 KRW are fully tax-deductible, and amounts exceeding that receive a 16.5% deduction. For example, donating 100,000 KRW entitles the donor to a full tax deduction and gifts worth approximately 30,000 KRW.
Once the ordinance is enacted, the city will form the Gift Selection Committee to finalize preparations such as selecting suppliers and gifts, and plans to promote the system through various media to encourage many citizens to participate in the Hometown Love Donation System.
Bucheon Mayor Cho Yong-ik said, "We expect the Hometown Love Donation System to serve as a catalyst driving Bucheon's development and revitalizing the local economy."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
