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 Partial Amendment to the Corporate Tax Act
This Amendment imposes an additional 20% of corporate tax on the excess profits of a corporation whose tax base surpasses KRW 300 billion, if the income of the relevant fiscal year exceeds more than 20% of the average income of the three immediately preceding fiscal years.
② Framework Act on the Electric Industry Development
This Bill establishes basic principles, such as the development of the electric industry and the maintenance of the stability in the electricity supply, and provides legal grounds to foster and support the electric industry.
2. Pending Bill(s)
③ Partial Amendment to the Trucking Transport Business Act
This Amendment extends the implementation period of the Safe Trucking Freight Rates System from the end of this year to the end of 2025.
3. Promulgated Bill(s)
④ Rules on Scope and Standards of Inter-Floor Noise in Multi-Unit Housing
This Bill strengthens the standard of inter-floor noise by lowering the maximum equivalent sound level per minute, which quantifies the direct impact noises caused by walking or running, by 4 decibels to 39 decibels during daytime and 34 decibels at nighttime.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Building Act
This Amendment includes wind power generation facilities to the scope of “structures” and requires the submission of documents certifying the structural safety, seismic design, and wind-resistant design of wind power generation facilities (height over 5 meters high) to ensure safety in case of vibrations caused by the wind.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
