KSA Strongly Suggests Maritime Industries Be Excluded from Application to Liabilities Ratio

The Korea Shipowner's Association (KSA) suggested to the Ministry of M
aritime Affairs and Fisheries (MOMAF) that maritime industries needed
to be excluded from the liabilities ratio limit, altered regional tax
laws, and any other relating laws.
KSA also requested preparing the Ship Maintenance Fund, e.g. the Bank
of Korea Foreign Fund Reserves, to obtain vessels more smoothly and to
support cruise and ocean resort businesses.
Also, it submitted a proposal regarding the 2000 maritime affairs and
fisheries encouragement plans to MOMAF and suggested accepting it.
KSA insisted that the maritime industry liability proportions exceeded
7000 percent, in 1997, an IMF era, but decreased dramatically to 710
percent in 1998, and 339 percent in 1999, thanks to self survival effo
rts through administrative efficiency and increased capital. KSA said
that it is absurd to disregard the specialities in maritime affairs an
d limit the liability proportions to 200 percent like other industries
, and so the liabilit proportions for maritime affairs should be exclu
ded.
Also, focusing on abolition, it proposed that either the regional tax
law revision should be taken back, or at least undergo large reduction
s in regional tax.