(123rf)
(123rf)

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 Game Industry Promotion Act

Proposed by Rep. Kim Byung-kee (Democratic Party of Korea)

● This amendment requires game companies to retain records of probabilistic item acquisition outcomes for at least three years and to disclose them to users in order to enhance transparency regarding probabilistic items.

Proposed Bill: Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation

Proposed by Rep. Kim So-hee (People Power Party)

● This amendment establishes tax credits for expenses incurred to support subcontractors’ industrial accident prevention efforts — 3 percent for large companies, 6 percent for middle-standing enterprises and 12 percent for small and medium-sized enterprises — deductible from corporate or income tax in the year the expense was incurred.

Pending Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act

Proposed by Rep. Yoon Han-hong (People Power Party)

● This amendment clarifies the directors' duty to protect shareholders' interests by specifying that in the event of a merger, an essential business or asset transfer, an all-inclusive stock swap or transfer, or a split or split and merger, the board of directors must make every effort to protect shareholders' legitimate interests.

Promulgated Bill: National Pension Act

Competent Authority: Ministry of Health and Welfare

● This amendment — Korea’s first pension reform in 18 years since 2007 — raises the contribution rate from 9 percent to 13 percent and increases the nominal income replacement rate from 40 percent to 43 percent.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Act on Registration of Credit Business and Protection of Finance Users

Competent Authority: Financial Services Commission

● This amendment renders both the principal and interest of a loan agreement null and void if the annual interest rate exceeds 100 percent, treating such contracts as socially unacceptable lending practices.

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For queries about the bills, contact cr@draju.com.