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 Energy Use Rationalization Act
This Amendment levies tax on the excess profits of domestic oil and gas companies whose profits exceed a certain standard and uses the collected tax to support micro-enterprises and socially disadvantaged people.
② Fairness in Online Platform Intermediary Transaction Act
This Bill prevents unfair trade practices that utilize algorithm manipulation by mandating disputing parties to submit relevant materials to the Korea Fair Trade Commission (KTFC) if the need arises during an investigation or mediation regarding the way their transactional goods or services are listed on the online platform (order, form, etc.) and the standards that act as the grounds thereof.
2. Pending Bill(s)
③ Partial Amendment to the Financial Investment Services and Capital Markets Act
This Amendment imposes penalty surcharges of up to twice the amount of unjust gains for stock manipulation crimes.
3. Promulgated Bill(s)
④ Act on External Audit of Stock Companies
This Act exempts stock-listed corporations whose total assets at the end of the immediately preceding business year are less than KRW 100 billion from external audits of the internal accounting control system.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Restriction of Special Taxation Act (Bill)
This Amendment adds display technology to the scope of national strategic technology, which was previously limited to technologies related to semiconductors, secondary batteries, and vaccines. It also extends the period for overseas Korean enterprises to incorporate or establish a new place of business domestically from two years to three years after transferring or closing their place of business overseas. The Act also provides tax credits to companies that invest in establishing new facilities in domestically existing used sites.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
