Donations Triple After Special Disaster Area Designation
Tax Benefits Retroactively Applied
With Uiseong-gun in North Gyeongsang Province designated as a special disaster area, the tax deduction benefits for the Hometown Love Donation Program have been expanded, drawing attention. Uiseong-gun announced on the 8th that donations for the Hometown Love program have surpassed 1.5 billion KRW since the large-scale wildfire that occurred on March 22.
This figure is more than three times the amount raised throughout last year, serving as evidence of the voluntary participation of citizens who empathize with the disaster victims.
The government has raised the tax deduction rate for Hometown Love donations exclusively for special disaster areas by revising the Restriction of Special Taxation Act. Previously, donations up to 100,000 KRW per year were fully deductible, and only 16.5% of the amount exceeding that was deductible. Under the revised law, 33% of the excess amount will be deductible, which is twice the previous tax benefit.
With this measure, the expanded tax deduction will be temporarily applied for three months from the date the special disaster area is declared, and it will be retroactively applied to local governments designated as special disaster areas this year. The relevant enforcement ordinance is currently undergoing the legislative notice process.
Kim Jusu, the governor of Uiseong-gun, said, "The Hometown Love Donation Program is becoming not just an institutional donation system, but a practical means for disaster recovery and regional restoration," adding, "We ask for the continued interest and participation of the public to help overcome the damage caused by the wildfire."
Previously, on April 1, the Ministry of the Interior and Safety officially announced its plan to expand the tax deduction benefits for Hometown Love donations in special disaster areas, including Uiseong-gun.
Uiseong County bears the traces left by the wildfire that occurred on March 22 at Gounsa and Deununsan. Since the large-scale forest fire, hometown love donations have surpassed 1.5 billion won.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.


