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 Act on Restriction on Special Cases Concerning Taxation
This Amendment extends the sunset date of the special provision of tax deduction related to national strategic technologies, including semiconductor technologies, from December 31, 2024, to December 31, 2030, by six years.
② Act on Artificial Intelligence Industry Promotion and Trust Securement
This Bill requires the preparation of policy measures to establish a trust foundation for the safe utilization of AI technology, expert training for the development of AI technology and promotion of the AI industry, and the establishment of an institutional foundation to facilitate various initiatives aimed at securing overseas AI experts.
2. Promulgated Bill(s)
③ Enforcement Decree of the Aviation Business Act
This Bill relaxes the restriction on the maximum number of seats permitted within a small-scale air transport service, increasing it to 80 seats.
3. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
④ Partial Amendment to the Enforcement Decree of the Financial Investment Services and Capital Markets Act and Partial Amendment to the Regulations on Issuance, Public Disclosure, Etc. of Securities
These Amendments prohibit the allocation of new shares to treasury stocks in corporate spin-offs, require companies to submit an explanatory statement if the volume of treasury stocks acquired via trust falls below the initially planned or announced amount, and prohibit entry into a new trust agreement until one month after the end of the scheduled treasury stock acquisition period.
4. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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