Proposed Bill: Special Act on Support for Corporate Succession to Strengthen Business Continuity

Proposed by Rep. Lee Chul-gyu (People Power Party)

  • This bill would establish an institutional support system to promote the succession of small and medium-sized enterprises (SMEs) through third-party mergers and acquisitions, shifting from traditional family-based succession.

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

Proposed by Rep. Lee Hai-min (Rebuilding Korea Party)

  • This bill would extend for an additional three years the validity of the special tax reduction provisions for income earned by SMEs and middle-standing enterprises from the transfer or licensing of patent rights and technologies.

Pending Bill: Partial Amendment to the Commercial Act

Proposed by Rep. Kim Tae-nyeon (Democratic Party of Korea)

  • This bill would repeal all provisions concerning the offense of special misappropriation in the Commercial Act.

Promulgated Bill: Enforcement Decree of the Customs Act

Competent Authority: Ministry of Finance and Economy

  • The promulgated Act applies customary freight rates from before the outbreak of the war in the Middle East in determining customs value, instead of reflecting the increased freight costs resulting from the conflict.

Administrative Announcement: Enforcement Decree of the Act on Reporting and Using Specified Financial Transaction Information

Competent Authority: Financial Services Commission

  • The draft amendment would require virtual asset service providers to file a suspicious transaction report for all virtual asset transactions exceeding 10 million won ($6,600) with the Financial Intelligence Unit.

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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.