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 Customs Act
This Amendment extends the sunset clause for tariff exemptions on aircraft parts from the end of this year to 2029.
② Partial Amendment to the Corporate Tax Act
This Amendment requires overseas tech giants to report domestic sales.
2. Pending Bill(s)
③ Partial Amendment to the Act on the Guarantee of Employees’ Retirement Benefits
This Amendment mandates the National Pension Service to participate as the business operator of the "National Retirement Pension Fund," which applies to workplaces employing at least 100 full-time workers.
3. Promulgated Bill(s)
④ Enforcement Decree of the Act on Corporate Governance of Financial Companies
This Bill specifies the responsibilities assigned to executives through the responsibilities map, management measures of executives related to internal control, and the comprehensive management measures of representative directors.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Real Estate Investment Company Act
This Amendment broadens the investment scope of REITs to include structures installed on land or buildings, such as data centers and industrial sites, as well as real estates financial products like asset-backed securities (ABS) and mortgage-backed securities (MBS), in addition to traditional real estate assets like offices and residential properties.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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