2023-05-22 08:19:41
The ‘Amendment to the Public Service Ethics Act’, which requires high-ranking public officials, including members of the National Assembly, to report and disclose the details of holding virtual assets, passed the subcommittee of the National Assembly Standing Committee.
The Public Administration and Security Committee of the National Assembly held a subcommittee today and voted on the ‘Amendment to the Public Service Ethics Act’ to include virtual assets in the types of property that members of the National Assembly are required to report every year.
Article 4 of the current Public Service Ethics Act requires high-ranking officials to register real estate owned by themselves, their spouses, lineal ascendants, and lineal descendants, or cash with a total amount of 10 million won or more, but this amendment adds virtual assets to the target.
Rep. Kim Gyo-heung, chairman of the 1st Subcommittee for Legislative Review of the Public Administration and Security Commission, said following the meeting, regarding the amendment, “It was decided to register all virtual currencies, and the method of selecting the value was determined by Presidential Decree in consideration of the fluctuations of virtual assets.”
This amendment stipulates that property changes from January to December of this year should be registered in February next year, and that the transaction details were attached together so that the transaction details might be identified, Congressman Kim said.
It also includes provisions to prevent those who are in charge of virtual assets-related tasks in government departments or public institutions from possessing virtual assets.
Rep. Kim said, “The date of implementation of the amendment was set to six months following the promulgation.” “It seems to be implemented around the beginning of December.”
Along with this, the subcommittee also voted on the ‘Partial Amendment to the Restriction of Special Local Taxation Act’, which provides for exemption of acquisition tax and property tax when victims of charter fraud win a successful bid for an existing rental house through an auction or public sale.
The amendment says that if you are recognized as a victim of charter fraud, ″Acquisition tax is reduced within 2 million won, and property tax is reduced by 50% for houses of 60 square meters or less, and 25% for houses larger than that.″
However, the special case will be applied for 3 years.
These amendments, which have passed the so-called, are expected to be processed at the plenary session on the 25th at the earliest following going through the plenary meeting of the Public Administration and Security Commission on the 24th and the review of the Legislation and Judiciary Committee of the National Assembly.
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