Proposed Bill: Partial Amendment to the Act on the Management of Public Institutions

Proposed by Rep. Choi Hyuck-jin (Independent)

  • This bill would establish a legal basis for conducting special business performance evaluations either six months after the appointment of an institution’s head or in the event of a significant business crisis, with the aim of ensuring the responsible management of public institutions.

Proposed Bill: Partial Amendment to the Income Tax Act

Proposed by Rep. Yoon Jong-o (Progressive Party)

  • This bill would abolish the long-term holding special deduction and limit capital gains tax credits to 200 million won ($136,000) per individual, in order to mitigate disproportionate tax advantages for owners of high-value properties.

Pending Bill: Class Action Act

Proposed by Rep. Park Kyoon-taek (Democratic Party of Korea)

  • This bill would expand the scope of class action regime to encompass all types of damages claims and permit its retroactive application to damages claims arising from causes that occurred prior to its enforcement.

Promulgated Bill: Special Act on Strengthening and Supporting the Competitiveness of the Petrochemical Industry

Competent Authority: Ministry of Trade, Industry and Resources

  • The promulgated Act provides the legal basis for tax, fiscal, and financial support to petrochemical companies and permits exemptions from certain regulations under the Monopoly Regulation and Fair Trade Act, in order to facilitate the restructuring of the petrochemical industry and enhance its competitiveness.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Act on the Management of Buildings

Competent Authority: Ministry of Land, Infrastructure and Transport

  • The draft amendment would streamline demolition-related administrative procedures and permit the preferential designation of a construction project manager as a demolition supervisor.

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The Korea Herald republishes a weekly legislative report by local law firm D&A LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. — Ed.

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