By Michael Ha
Staff Reporter
The government will undertake an active legislative program pushing for new provisions to boost the troubled economy in 2009.
In a report titled ``The 2009 Government Legislative Schedule," submitted during Wednesday's Cabinet meeting, the Office of Legislation said the Lee Myung-bak administration plans to introduce more than 20 new economy-related bills to the National Assembly in coming weeks, intended to tackle the local economic slowdown by cutting taxes and introducing incentives to boost corporate investments and consumer spending, according to the office.
In all, the administration plans to introduce some 445 new bills and amendments to the parliament this year, the report says.
According to the report, the government will introduce some 43 bills concerning decentralization of the central government and transferring more authority to provincial offices.
Additionally, some 400 amendments concerning national agricultural cooperative laws are expected to be introduced.
The administration will also submit some 370 proposed revisions concerning low-emission, green-growth initiatives. Furthermore, 74 amendments involving income tax law will be introduced to the National Assembly in coming weeks, the office said.
The administration will push for cutting the number of consumption taxes to help encourage consumer spending and lowering regional property tax for new housing developments around the country.
As for corporate law, the government plans to further cut business regulations and encourage companies to cross-invest in different sectors. Specifically, one planned revision would make it easier for public holding companies to buy and maintain ownership in banking and financial institutions.
Another proposed amendment concerns the country's telecommunication sector, aiming to lower business barriers by making it easier for new telecom firms to enter the market and compete with established players.
The government will also try to boost the local real estate sector by easing restrictions on setting up new real estate investment companies.
An official at the office said that ``to overcome the ongoing economic challenges and to provide the necessary legal framework for this effort, we're introducing the government's annual legislative plan about two months early."
``The government will endeavor to introduce needed amendments and encourage close cooperation between various government agencies for this effort," the official said, asking not to be identified.