Legislation & Government Relations Consulting Center 2023-03-15
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Weekly Legislative Report (For the week of March 6, 2023 – March 10, 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 .

1. Proposed Bill(s)

① Act on the Management and Support for Research and Development Activities of Businesses

This Act establishes and implements a plan for fostering corporate-affiliated research institutes, designates research and development policies support centers, and provides the scope of support for corporate-affiliated research institutes. This Act also designates October 24 of each year as Technology Developers' Day, celebrating the day when 46 corporate-affiliated research institutes first received government certification in 1981.

② Partial Amendment to the Banking Act 

This Amendment specifies the "securing of publicness in banks" in Article 1 of the Banking Act.

2. Pending Bill(s)

 Partial Amendment to the Act on Restriction of Special Taxation

This Amendment raises the tax deduction rate for investment in facilities of national strategic industries, such as the semiconductor industry, from 8% to 15% for major and middle-standing enterprises and 16% to 25% for small and medium enterprises.

3. Promulgated Bill(s)

④ Enforcement Decree of the Act on Contracts to Which a Local Government Is a Party

This Enforcement Decree reduces the rate of contract deposit that the other party of the contractual agreement with local governments must pay from the current minimum of 15% to 10%.

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

⑤ Partial Amendment to the Labor Standards Act

This Amendment revises the 52-hour work system to allow working hours to be a maximum of 69 hours per week during the busy season and allows workers to use long-term leave.

5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
*For more details, please download the PDF file attached.