Weekly Legislative Report for the week of Nov 15, 2021 – Nov 19, 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 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)
① Partial Amendment to the Urban Development Act
This Amendment limits the investment shares of private business operators to less than 50% and the profit rate to 10% of the entire project cost.
② Partial Amendment to the Restriction of Special Taxation Act
This Amendment increases the deduction rate from 1% to 3% when a business invests in for greenhouse gas (“GHG”) emissions reduction facilities.
2. Pending Bill(s)
③ Partial Amendment to the Act on The Improvement of Urban Areas and Residential Environments
This Amendment prohibits the transfer of union member status after the approval of security inspections in reconstruction projects. This prohibition also applies to redevelopment projects that have been assigned as designation of districts.
3. Promulgated Bill(s)
④ The Building Act
This Bill allows a building owner to promote the reconstruction of officetels subject to the Building Act when obtaining consent from 80% of owners.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Enforcement Decree of the Framework Act on Carbon Neutrality and Green Growth for the Climate Crisis
This Bill stipulates that 2030 Nationally Determined Contributions (“NDCs”) are to reduce GHG emissions by 40% from the 2018 levels. It also imposes the NDCs and obligations to examine the progress of the annual reduction goals.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
