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 Income Tax Act
This Amendment increases the basic deduction for financial investment income tax from KRW 50 million to KRW 100 million.
② Partial Amendment to the Distribution Industry Development Act
This Amendment mandates the head of a Si/Gun/Gu to designate compulsory closedown dates and impose business hour restrictions on superstores, etc., while requiring that the compulsory closedown dates be selected from holidays.
2. Pending Bill(s)
③ Partial Amendment to the Act on the Improvement of Urban Areas and Residential Environments
This Amendment allows the safety inspection of a reconstruction project to be conducted before the authorization of the project implementation plan and allows the designation of an improvement zone and the establishment of an association to proceed simultaneously.
3. Promulgated Bill(s)
④ Microfinance Support Act
This Bill temporarily increases the common contribution ratio for financial companies to the Korea Inclusive Finance Agency to 0.035% for banks and 0.045% for insurance, mutual finance, specialized credit finance companies, and savings banks, until the end of next year.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Act on Resource Circulation of Electrical and Electronic Equipment and Vehicles
This Amendment expands the scope of equipment subject to the Eco-Assurance System, represented by the extended producer responsibility (EPR) system, from the previous 50 large and medium-sized electrical and electronic items, such as washing machines and refrigerators, to include all electrical and electronic equipment, including small and medium-sized items like wireless earbuds and portable fans.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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