Article 1(Purpose) #
The purpose of this Act is to establish special accounts for the structural improvement of agricultural and fishing villages and to prescribe matters concerning the operation thereof in order to efficiently push for projects for the structural improvement of agricultural and fishing villages and projects financed by the special rural development tax.
[This Article Wholly Amended on Mar. 11, 2014]
Article 2(Operation and management of accounts) #
(1) The Minister of Agriculture, Food and Rural Affairs shall operate and manage special accounts for the structural improvement of agricultural and fishing villages (hereinafter referred to as "special accounts").
(2) A separate special accounts budget of annual expenditures may be allocated for each central government agency group.
[This Article Wholly Amended on Mar. 11, 2014]
Article 3(Classification of accounts) #
The special accounts shall be classified into the account for projects for the structural improvement of agricultural and fishing villages, the account for projects for the promotion of forestry, and the account for projects financed by the special rural development tax.
[This Article Wholly Amended on Mar. 11, 2014]
Article 4(Revenue and expenditure account for projects for structural improvement of agricultural and fishing villages) #
(1) Revenue on the account for projects for the structural improvement of agricultural and fishing villages shall be as follows:
1. Deleted. <Oct. 31, 2017>
2. Money transferred from general accounts under Article 6;
3. Money transferred and a deposit received from other accounts;
4. The principal and interest on a loan under paragraph (2)1;
5. Money transferred and a deposit received from the Public Capital Management Fund under the Public Capital Management Fund Act or other funds;
6. Other revenues.
(2) Expenditure from the account for projects for the structural improvement of agricultural and fishing villages shall be as follows: <Amended on Mar. 20, 2018; Jun. 9, 2023>
1. Investment and equity investment in, subsidization of, contribution to and financing of projects for the structural improvement of agricultural and fishing villages;
2. Repayment of the principal and interest on a deposit received from other accounts and funds;
3. Repayment of the principal and interest on bonds for the development of agricultural and fishing villages issued in accordance with Article 57 of the Act on the Special Measures for Development of Agricultural and Fishing Villages (Act No. 4228);
4. Out of the projects under subparagraph 1, funds transferred to the local autonomous account of the special account for balanced regional development for projects under Article 78(2) of the Special Act on Local Autonomy and Decentralization, and Balanced Regional Development;
5. Money transferred to a fund designed to support implementation of Free Trade Agreements under Article 14(3)7 of the Special Act on Assistance to Farmers, Fishers Following the Conclusion of Free Trade Agreements;
6. Other expenses incurred in the operation and management of the account for projects for the structural improvement of agricultural and fishing villages.
[This Article Wholly Amended on Mar. 11, 2014]
Article 4-2(Revenue on and expenditure from account for projects for promotion of forestry) #
(1) Revenue on the account for projects for the promotion of forestry shall be as follows:
1. Expenses for the creation of substitute forest resources under Article 19 of the Mountainous Districts Management Act and income gains under Article 41 of the Creation and Management of Forest Resources Act;
2. Revenues, such as fees for use of a hunting ground under Article 50(3) of the Wildlife Protection and Management Act;
3. Money transferred from general accounts under Article 6;
4. The principal and interest on a loan under paragraph (2)1;
5. Other revenues.
(2) Expenditure from the account for projects for the promotion of forestry shall be as follows: <Amended on Mar. 20, 2018; Jun. 9, 2023>
1. Investment in, subsidization of, contribution to and financing of projects for the promotion of forestry;
2. Repayment of the principal and interest on a deposit received from other accounts and funds;
3. Out of the projects under subparagraph 1, funds transferred to the local autonomous account of the special account for balanced regional development for projects under Article 78(2) of the Special Act on Local Autonomy and Decentralization, and Balanced Regional Development;
4. Other expenses incurred in the operation and management of the account for projects for the promotion of forestry.
[This Article Wholly Amended on Mar. 11, 2014]
Article 5(Revenue on and expenditure from account for projects financed by special rural development tax) #
(1) Revenue on the account for projects financed by the special rural development tax shall be as follows:
1. The amount of special rural development tax under Article 5 of the Act on Special Rural Development Tax;
2. The principal and interest on a loan under paragraph (2)1 through 4;
3. A deposit received from the Public Capital Management Fund under the Public Capital Management Fund Act;
4. Other revenues.
(2) Expenditure from the account for projects financed by the special rural development tax shall be as follows: <Amended on Dec. 2, 2016; Mar. 20, 2018; Dec. 31, 2019; Jun. 9, 2023>
1. Investment in, subsidization of, contribution to or financing of projects under the following items as projects designed to strengthen the competitiveness of agriculture, forestry and fisheries:
a. The development of advanced agricultural, forestry and fisheries technologies and technologies designed to address problems in the field;
b. Support (limited to contribution) to the Credit Guarantee Fund for Farmers and Fishermen under Article 4(1) of the Act on the Credit Guarantee for Farmers and Fishers;
c. Construction of a fishery harbor;
d. Other projects for which funds are allocated in the budget;
2. Investment in, subsidization of, contribution to or financing of projects under the following items as projects for promotion of the welfare of farmers, persons engaged in forestry, fishermen, etc. and compensation thereto for income losses:
a. Subsidization of health insurance and annuity insurance premiums for farmers, persons engaged in forestry, and fishermen;
b. The improvement of medical services in agricultural, mountainous and fishing villages;
c. The promotion of welfare of women and children living in agricultural, mountainous and fishing villages;
d. Support for job creation in agricultural, mountainous and fishing villages;
e. Disaster-related support for farmers, persons engaged in forestry, and fishermen, and crop disaster support;
f. A project that directly pays part of the income of farmers, persons engaged in forestry and fishermen;
Article 6(Money transferred from general accounts) #
(1) The State shall transfer the total amount of customs duties imposed and collected on imported agricultural and fishery products in Appendix 1 and the total amount of value-added tax imposed and collected on assorted feed under subparagraph 3 of Article 2 of the Control of Livestock and Fish Feed Act and tools and materials for stock farming in Appendix 2, from general accounts to the account for projects financed by the special rural development tax of the Accounts, and transfer the amount equivalent to the total amount of customs duties imposed and collected on imported forest products in Appendix 1, from general accounts to the account for projects for the promotion of forestry of the Accounts every fiscal year.
(2) The account for projects for the structural improvement of agricultural and fishing villages and the account for projects for the promotion of forestry of special accounts may receive money transferred from general accounts as allocated in the budget in addition to money transferred under paragraph (1) to secure funds for expenditure.
[This Article Wholly Amended on Mar. 11, 2014]
Article 7(Temporary borrowing) #
(1) When funds are temporarily in short supply, the special accounts may borrow money temporarily.
(2) The principal and interest on a temporary loan under paragraph (1) shall be repaid in the relevant fiscal year.
[This Article Wholly Amended on Mar. 11, 2014]
Article 8(Carrying forward of budget expenditures) #
Notwithstanding the provisions of Article 48 of the National Finance Act, budget for expenditures of the special accounts may be carried forward to the following year and used even if the same has not been disbursed within the relevant fiscal year.
[This Article Wholly Amended on Mar. 11, 2014]
Article 9(Disposal of surplus) #
A surplus from the settlement of accounts of the special accounts shall be counted as revenue for the following fiscal year.
[This Article Wholly Amended on Mar. 11, 2014]
Article 10(Reserve) #
The special accounts may appropriate a considerable amount of reserve money in the expenditure budget for extraordinary disbursements or disbursements exceeding the budget.
[This Article Wholly Amended on Mar. 11, 2014]
Article 11(Conditions of financing) #
The Minister of Agriculture, Food and Rural Affairs shall determine the interest rate on a loan, loan term, etc. for the loan project financed from the special accounts in consultation with the Minister of Planning and Budget. <Amended on Oct. 1, 2025>
[This Article Wholly Amended on Mar. 11, 2014]
Article 12(Entrustment of financing business) #
(1) The Minister of Agriculture, Food and Rural Affairs may entrust the financing business under Articles 4, 4-2 and 5 to a bank under the Banking Act, the National Forestry Cooperatives Federation under the Forestry Cooperatives Act, and the National Agricultural Cooperative Federation under the Agricultural Cooperatives Act.
(2) The Minister of Agriculture, Food and Rural Affairs may entrust some of the following business affairs to the Agricultural Policy Insurance and Finance Service established under Article 63-2(1) of the Framework Act on Agriculture, Rural Community and Food Industry (hereinafter referred to as "Agricultural Policy Insurance and Finance Service"): <Amended on Mar. 14, 2017>
1. Business affairs concerning the operation and management of loans, such as receipts and disbursements of loans under Articles 4, 4-2, and 5 and the accounting and property management consequent thereon;
2. Business affairs concerning the sale and management of property that belongs to the special accounts and revenue and expenditure consequent thereon;
3. Accounting of the entrusted business affairs under subparagraphs 1 and 2.
(3) Where the Minister of Agriculture, Food and Rural Affairs entrusts the business affairs concerning the operation and management of a loan in accordance with paragraphs (1) and (2), he or she may pay handling charges and subsidize other necessary expenses, as determined by him or her.
(4) Where the Minister of Agriculture, Food and Rural Affairs entrusts the business affairs concerning the operation and management of a loan in accordance with paragraph (2), he or she may appoint an accounting clerk who is to conduct the relevant business affairs from among executive officers and employees of the Agricultural Policy Insurance and Finance Service. <Amended on Mar. 14, 2017>
(5) The Act on Liability of Accounting Personnel shall apply mutatis mutandis to an accounting clerk appointed in accordance with paragraph (4).
[This Article Wholly Amended on Mar. 11, 2014]
Article 13(Collection of loans) #
Where a person who takes out a loan spends the loan for a purpose other than its original purposes, a bank, the National Forestry Cooperatives Federation or the National Agricultural Cooperative Federation entrusted with business affairs related to loans in accordance with Article 12(1) may have him or her repay the loan, in full or in part, even before the loan becomes due.
[This Article Wholly Amended on Mar. 11, 2014]
Article 14(Supervision and orders) #
The Minister of Agriculture, Food and Rural Affairs may order a bank, the National Forestry Cooperatives Federation, the National Agricultural Cooperative Federation or the Agricultural Policy Insurance and Finance Service, which are entrusted with the business affairs related to handling loans in accordance with Article 12, to report on financing or the operation and management of loans, or to submit related documents, or have a public official under his or her control supervise such business affairs within the extent necessary for the supervision. <Amended on Mar. 14, 2017>
[This Article Wholly Amended on Mar. 11, 2014]