Weekly Legislative Report for the week of Oct 11, 2021 – Oct 15, 2021
As the first-ever Korean law firm to issue specialized legislative journals, DR & AJU LLC has been publishing the monthly Policy & Business (P&B) Report since August 2019. The P&B Report, produced by our Legislation Strategy Center, provides analyses of plenary sessions of the National Assembly, meetings of Standing Committees, and Subcommittee. In addition, the Center has been co-hosting the Future Leaders Forum with the Herald Business, inviting Chairpersons of Standing Committees to discuss relevant legislative issues and tasks.
As an extension to the service, the Center has also been issuing the Weekly Legislative Report covering various legal issues at the center of public debate along with editorials and columns on the Serious Accidents Punishment Act (“SAPA”) from major dailies. The report will be released every Wednesday with an update on newly proposed or pending Bills. Enclosed is this week’s legislative report, and please refer to the P&B Report for further details.
If you wish to subscribe to the P&B Report or have any other queries, please contact us at pr@draju.com.
1. Proposed Bill(s)
①Special Act on National High-Tech Industry Support
The Bill mandates the establishment of the High-Tech Industrial Committee under the Prime Minister to strengthen the competitiveness of the high-tech industry. Not only does it establish a system for various regulatory and fiscal proposals, but it also designates and supports specialized universities and graduate schools, assists the establishment of founding and manufacturing-based facilities, and puts special cases concerning reducing taxes such as national and local taxes.
2. Pending Bill(s)
②Partial Amendment to the Local Tax Act
The Bill added cement to the list of local resource and facility tax, and imposes an earmarked tax of 1,000 won per ton of cement production (40 won per bag of 40kg cement).
3. Promulgated Bill(s)
③Enforcement Decree of the Act on the Transboundary Movement of Hazardous Wastes and Their Disposal
The Bill increases the amount of administrative fines on illegal export and import of wastes up to 2 million won.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
④Partial Amendment Decree to the Enforcement Decree of the Higher Education Act
According to the Amendment, if the maximum number of undergraduate students is reduced by one, the maximum number of graduate school students can be increased by one. The Bill Introduces a suspension system for recruitment.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
*For more details, please download the PDF file attached
