DR & AJU Legislation & Government Relations Consulting Center's latest issue of its specialized legislative journal, the Policy & Business Report, is now available in digital format.
The first parliamentary audits for the 22nd National Assembly are set to begin on October 7, with a high likelihood that the ruling and opposition parties will clash over major issues in each standing committee
The 22nd National Assembly has resolved to conduct parliamentary audits from October 7 to 25, signaling that preparations are underway.
The upcoming parliamentary audit is significant as it marks the first audit of the 22nd National Assembly and takes place in the third year of the Yoon administration, according to analysts from both inside and outside the political arena.
Key issues such as legislative conflicts, pension reform, the “Kim Geon-hee Special Prosecution Act,” the “Corporal Chae Special Prosecution Act”, unfair practices by franchisers, electric vehicles safety issues, and various economic issues are expected to spark intense debate between the ruling and opposition parties, as well as between the National Assembly and audited agencies.
According to the Analysis of Major Issues for the 2024 Parliamentary Audit, published by the National Assembly Research Service on August 19, the National Policy Committee is expected to address the management, supervision, and regulation of platform markets, as well as problems related to corporate mergers and acquisitions and the protection of shareholders’ interests during these processes.
The Strategy and Finance Committee is expected to engage in heated discussions regarding the practical implementation of the inheritance tax and gift tax exemption system, the potential abolition of the financial investment income tax, and other matters related to assessing the current economic situation.
The Science, ICT, Broadcasting, and Communications Committee is expected to enhance the predictability of the government’s R&D budget and conduct thorough inspections of measures to protect consumers from damages incurred during online cross-border shopping.
The Trade, Industry, Energy, SMEs, and Startups Committee is expected to focus on the prompt acquisition of core technologies in high-tech industries, strengthening export competitiveness and diversifying supply chains. In addition, the committee will investigate the current status of domestic industrial technology leaks to foreign countries, and question the government’s response measures.
The Environment and Labor Committee is expected to debate the prevention of substandard environmental impact assessments and the differential application of minimum wages by industry.
During the Land Infrastructure and Transport Committee session, discussions are expected to center on the appropriateness of the government’s real estate measures announced on August 8, as well as the adequacy and effectiveness of electric vehicle fire safety measures in light of recent accidents, such as the underground parking lot of an apartment complex in Incheon.
As the first-ever Korean law firm to issue specialized legislative journals, DR & AJU LLC has been publishing the monthly Policy & Business Report since August 2019. The September 2024 issue of the P&B Report conducted a full inspection of legislation proposed to the National Assembly Subcommittee, Standing Committee, and Plenary Session from the opening of the 22nd National Assembly on August 15, 2024, to September 14, 2024, and selected and analyzed legislation with significant impact on corporate activities. In the case of major legislation, key mentions of legislators, members of the Standing Committee, and government officials are included.
*DR & AJU Legislation & Government Relations Consulting Center provides P&B Report subscription service. Please contact us at Ic@draju.com for further inquiries.
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