The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. -- Ed.
Proposed Bill: Partial Amendment to the Act on Press Arbitration and Damage Remedies
Proposed by Rep. Kim Jang-kyom (People Power Party)
● This amendment aims to reinforce the responsibilities of news platforms in fostering a credible news distribution environment and preventing the spread of fake news and false information. It requires press organizations that have provided a news article subject to conciliation by the Press Arbitration Commission to notify the relevant news platform of this fact. It also mandates that news platforms receiving such notifications indicate on the relevant article that a conciliation request has been filed.
Proposed Bill: Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation
Proposed by Rep. Kim Tae-nyeon (Democratic Party of Korea)
● This amendment grants tax credits of up to 10 percent to business operators that manufacture products for domestic consumption utilizing national strategic technologies, aiming to enhance domestic industrial competitiveness.
Pending Bill: Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation
Proposed by Rep. Lee Yeon-hee (Democratic Party of Korea)
● This amendment improves the methods for granting investment tax credits for national strategic technologies under the current act. In addition to corporate tax deductions, it permits companies to receive tax refunds directly or transfer them to a third party.
Promulgated Bill: Financial Investment Services and Capital Markets Act
Competent Authority: Financial Services Commission
● This bill aims to facilitate the operation of the newly introduced alternative trading system in Korea. It stipulates that regulations related to tender offers apply equally to both securities markets and alternative trading systems.
Administrative Announcement: Partial Amendment to the Rules on Housing Supply
Competent Authority: Ministry of Land, Infrastructure and Transport
● To reduce the funding burden on housing construction business operators and constructors, this amendment shortens the restriction period of resident recruitment imposed on a person subject to a business suspension order by up to half of the original term.
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For any queries about the bills, contact cr@draju.com.
