Weekly Legislative Report for the week of October 31, 2022 – November 4, 2022
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 provides analyses of plenary sessions of the National Assembly, as well as standing committee and subcommittee meetings. In addition, the firm 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 of this service, DR & AJU has also been issuing the Weekly Legislative Report, which covers various legal issues at the center of public debate along with editorials and columns on the Serious Accidents Punishment Act (“SAPA”) from major daily news outlets. 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 Act on Conclusion and Implementation of Defense Acquisition Contract
This Act provides a basis for flexible amendments (on its terms, prices, and conditions) of contracts and the reduction of liquidated damages in the event that the sincere performance of emerging R&D is recognized.
② Partial Amendment to the Telecommunications Business Act
This Amendment establishes regulations for the fair and reasonable pricing of app market usage fees and requires relevant agencies, such as the Minister of Science and ICT, to recommend adjustments if any app market business provider breaches these regulations.
2. Pending Bill(s)
③ Partial Amendment to the Corporate Tax Act
This Amendment lowers the maximum corporate tax rate from the current 25% to 22% and simplifies the current four stages of tax bases into three stages.
3. Promulgated Bill(s)
④ Enforcement Decree of the Act on Assistance to Korean Off-shore Enterprises in Repatriation
This Enforcement Decree recognizes Korean off-shore enterprises as repatriating enterprises if they newly install or add manufacturing facilities to the unused spaces of their existing factories.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Rule of the Local Subsidy Act
This Amendment requires local governments to support businesses that relocate from the metropolis to provinces by reflecting 300% of the local tax reduction amount to the demand.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
