Proposed Bill: Partial Amendment to the Inheritance Tax and Gift Tax Act
Proposed by Rep. Kim Sang-hoon (People Power Party)
- This bill would lower the maximum inheritance and gift tax rate from 50 percent to 40 percent and abolish the 20 percent valuation premium on shares and equity interests held by controlling shareholders, thereby reducing the burden of business succession.
Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act
Proposed by Rep. Kim Nam-geun (Democratic Party of Korea)
- This bill would ease disclosure requirements and clarify the scope of joint shareholding to facilitate the joint exercise of voting rights and collaborative shareholder engagement by institutional investors aimed at enhancing the corporate value of listed companies.
Pending Bill: Partial Amendment to the Electronic Financial Transactions Act
Proposed by Rep. Yoo Dong-soo (Democratic Party of Korea)
- This bill would impose a penalty surcharge of up to 3 percent of a financial company’s total revenue for data breaches caused by security incidents and designate representative directors as ultimately responsible persons for information security.
Administrative Announcement: Partial Amendment to the Enforcement Decree of the Foreign Exchange Transactions Act
Competent Authority: Ministry of Finance and Economy
- The draft amendment would expand the scope of transactions subject to reporting through the Bank of Korea’s foreign exchange information system to include virtual asset transfers between domestic virtual asset service providers and personal wallets.
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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
