Legislation & Government Relations Consulting Center 2024-04-03
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Weekly Legislative Report (For the week of March 25, 2024 – March 29, 2024)

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. Pending Bill(s)

① Partial Amendment to the Income Tax Act

This Amendment proposes canceling the planned implementation of the financial income tax system next year, which imposes a 20-25% tax on capital gains from investments in financial investment products, such as stocks, bonds, and funds, that are worth KRW 50 million or more. 

2. Promulgated Bill(s)

② Game Industry Promotion Act

This Bill r⁠mandates businesses that produce, distribute, or provide game products to display the types of probabilistic items and information on the probability of obtaining these items on the relevant game product and the game website in an easily identifiable way for users, such as ensuring their searchability and utilizing percentage-based indications.

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

③ Enforcement Decree of the Special Act on Future Automotive Parts Transition and Ecosystem Development

This Bill expands the definition of future vehicles to include eco-friendly vehicles powered by electricity, solar, hybrid, or hydrogen, including autonomous vehicles and vehicles with performance enhanced through software and information and communication technologies.

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

[Segye Ilbo] Korea Enterprises Federation Establishes “Comprehensive Response Center for Serious Accidents” to Provide Legal Consultation and Distribute Manuals
[The Financial News] Seoul Metropolitan Government Reassures Business Owners About Confusing SAPA
[Newsis] Labor Ministry Increases Ratio of “Experiential and Practical Training” in Occupational Safety Inspectors’ Training Courses to 80%  

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