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 the Telecommunications Business Act
This Amendment transfers provisions regarding selective contract discounts or prohibitions for compulsory subscription to add-on services to the Telecommunications Business Act to prevent consumer damages due to the abolition of the Mobile Device Distribution Improvement Act. It also promotes free competition among mobile communications businesses and enhances user convenience.
② Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation
This Amendment increases the limit of non-taxable childbirth grants provided by a company to its employees and their spouses to KRW 300 million per child and provides a tax deduction equivalent to 50% of the amount of childbirth grants from the income tax or corporate tax of the company.
2. Pending Bill(s)
③ Partial Amendment to the Export-Import Bank of Korea Act
This Amendment increases the legal capital of the Export-Import Bank of Korea from KRW 15 trillion to KRW 25 trillion.
3. Promulgated Bill(s)
④ Act on the Development and Management of Logistics Facilities
This Bill allows the installation of order and delivery facilities in Class 2 neighborhood living facilities close to residential areas.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Whole Amendment to the Technology Transfer and Commercialization Promotion Act
This Amendment establishes grounds for public research institutes to receive compensation for supporting technology commercialization, enabling them to not only transfer technologies to companies but also provide comprehensive support throughout the entire commercialization process.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies