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Legislation & Government Relations Consulting Center 2023-02-08
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Weekly Legislative Report (For the week of January 30, 2023 – February 3, 2023)

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 Inheritance Tax and Gift Tax Act

This Amendment abolishes restrictions for changing business type and also enables tax on the transfer of family business by gift to be paid in annual installments over 20 years like the deduction for family business succession.

② Partial Amendment to the Act on Promotion of Information and Communications Network Utilization and Information Protection

This Amendment mandates the indication of nationality or country of access for online comments on various sites such as portal sites, requires portal providers to provide information of comment writers to the Ministry of Science and ICT, and punishes the violation thereof by imprisonment with labor for up to five years or by a fine not exceeding KRW 50 million.


2. Pending Bill(s)

 Partial Amendment to the Corporate Tax Act

This Amendment imposes excess profits tax on four domestic oil companies and 16 banks.


3. Promulgated Bill(s)

④ Enforcement Decree of the Aggregate Extraction Act

This Enforcement Decree allows the screening or crushing of aggregate only when a person intends to operate such business at sites of at least 10,000 square meters.


4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration

⑤ Partial Amendment to the Criteria for Additional Cost Following Improvement of Housing Quality

This Amendment requires apartments to include parking space information on resident recruitment notices and provides incentives for housing prices when additional parking spaces are secured.
 

5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies

*For more details, please download the PDF file attached.