Proposed Bill: Partial Amendment to the Income Tax Act

Proposed by Rep. Park Min-kyu (Democratic Party of Korea)

  • This bill would defer the implementation of taxation on virtual asset income until Jan. 1, 2029.

Proposed Bill: Special Act on the Designation and Operation of Mega-Regional Strategic Industrial Special Zones for Local-Led Growth

Proposed by Rep. Park Sang-hyuk (Democratic Party of Korea)

  • This bill would establish a legal framework for designating and supporting mega-regional strategic industrial special zones. It would also provide regulatory exemptions and financial, fiscal, administrative and tax support to attract companies and promote investment.

Pending 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 SMEs through third-party mergers and acquisitions, shifting from traditional family-centered business succession.

Promulgated Bill: Enforcement Decree of the Broadcasting Act

Competent Authority: Korea Media and Communications Commission

  • This promulgated bill relaxes broadcasting advertising regulations by allowing advertising time to account for up to 20 percent of the total daily broadcasting time and shortening the minimum length of programs eligible for commercial breaks.

Administrative Announcement: Partial Amendment to the Enforcement Rule of the Medical Service Act

Competent Authority: Ministry of Health and Welfare

  • The draft amendment would allow patients to receive initial telehealth consultations at clinics located in the same city or province as their place of residence starting in December. It would also generally limit prescriptions to a seven-day supply, while allowing prescriptions of up to 30 days only once when necessary.

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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