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 lc@draju.com.
1. Proposed Bill(s)
① Partial Amendment to Act on Restriction on Special Cases Concerning Taxation
This Amendment proposes canceling the planned implementation of the financial income tax system scheduled for January 1, 2025, and maintaining the current capital gains tax system.
② Special Act on Promotion of Haeorum Manufacturing Belt
This Bill proposes providing the following incentives to the Haeorum Manufacturing Belt, which stretches across Ulsan, Pohang, and Gyeongju: (i) incentives to advance national key industries and develop high-tech industries; (ii) incentives to bolster the energy industry; (iii) incentives to rescind restrictions on development restricted zones; (iv) incentives related to the designation and development of industrial complexes; (v) incentives related to fostering industrial human resources and educational support; (vi) incentives related to water management and utilization of river resources; and (vii) reinforcement of the government's responsibilities for the safety management of aged national industrial complexes.
2. Pending Bill(s)
③ Special Act for Planned Offshore Wind Farms and Industry Promotion Act
This Bill aims to raise fishermen’s acceptance of offshore wind farms and centralize the responsibility for environmental evaluations under the Ministry of Oceans and Fisheries.
3. Promulgated Bill(s)
④ Enforcement Decree of the Act on Fair Transactions in Large Retail Business
This Bill prohibits large retail business entities from interfering with the transaction conditions between the supplier and other retail business entities or promotional events. It also prohibits activities by large retail business entities that restrict suppliers' independent management activities, such as sales items, facility size, business hours, etc.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Act on Reporting and Using Specified Financial Transaction Information
This Amendment enables the ex officio cancellation of registration in cases where a virtual asset service provider violates laws related to virtual assets, such as the Act on the Protection of Virtual Asset Users or the Financial Investment Services and Capital Markets Act, or where persons who are ineligible to hold executive positions under the Act on Corporate Governance of Financial Companies are found to be performing duties as an executive.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies