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 Inheritance Tax and Gift Tax Act
 
This Amendment revises the current Act, which limits the inheritance tax deduction for a surviving spouse to KRW 3 billion, by allowing a full deduction of the amount inherited.
 
② Partial Amendment to the Financial Investment Services and Capital Markets Act

This Amendment includes cryptocurrencies as eligible subjects of investment by asset management companies, allowing collective investment schemes under the Financial Investment Services and Capital Markets Act to issue and trade cryptocurrency-related products.

2. Pending Bill(s)
 
③ Partial Amendment to the Distribution Industry Development Act

This Amendment specifies that when the implementation progress of a regional cooperation plan by superstores is insufficient, local government heads may disclose this fact and impose charges to compel compliance on such superstores.
 
3. Promulgated Bill(s)
 
④ Customs Act
 
This Bill extends the sunset period for the tax exemption on aircraft parts until the end of this year.

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

⑤ Partial Amendment to the Inheritance Tax and Gift Tax Act

This Amendment introduces an inheritance acquisition tax system, under which heirs pay inheritance tax based on the amount of property they receive.

5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
 
[Edaily] Yangju City Develops “Serious Accident Prevention System” Incorporating Smart Technology
[Yonhap News] CEO of Bungee Jumping Facility Found Liable for SAPA Violation Following Fatal Fall
[Herald Business] “Workplace Harassment Is a Clear and Significant Risk … Prevention and Management Are Extremely Important”

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