Proposed Bill: Partial Amendment to the Income Tax Act

Proposed by Rep. Kim Jae-sub (People Power Party)

  • This bill would defer the implementation of taxation on virtual asset income until Jan. 1, 2030. It would also require virtual asset service providers to provide users with transaction information necessary to calculate their taxable income.

Proposed Bill: Partial Amendment to the Electric Utility Act

Proposed by Rep. Lee Sang-hwi (People Power Party)

  • This bill would allow nuclear power purchase agreements to be entered into with companies pursuing carbon-neutral activities, such as adopting low-carbon steelmaking technologies, investing in related facilities, transitioning to low-carbon production processes, or producing clean hydrogen.

Pending Bill: Class Action Act

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

  • This bill would expand the class action regime, currently limited to the securities sector, to cover all damages claims and allow class actions to be brought retroactively for damages arising before its enforcement.

Promulgated Bill: Microfinance Support Act

Competent Authority: Financial Services Commission

  • This promulgated bill extends the effective period of the provision requiring financial companies to make contributions to the Korea Inclusive Finance Agency from five years to 15 years, until Oct. 8, 2036.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Monopoly Regulation and Fair Trade Act

Competent Authority: Fair Trade Commission

  • The draft amendment would provide a full exemption from administrative surcharges for the first self-reporter prior to the initiation of a cartel investigation, and a 75 percent reduction for the first self-reporter after the investigation has begun. It would also tighten restrictions on leniency for companies engaging in repeated collusive conduct.

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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