Promoting AI, space industries
The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. — Ed.
Proposed Bill: Partial Amendment to the Framework Act on the Development of Artificial Intelligence and the Establishment of a Foundation for Trust
Proposed by Rep. Hwang Jung-a (Democratic Party of Korea)
● To promote the growth of the domestic AI industry, this amendment delays the enforcement of regulations imposing obligations on AI service providers by three years.
Proposed Bill: Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation
Proposed by Rep. Shin Yeong-dae (Democratic Party of Korea)
● This amendment introduces a production-based tax credit for domestic companies involved in final production or sales using national strategic technologies and allows tax credits — such as investment, and research and development credits — that could not be claimed due to insufficient tax liability or minimum tax rules to be refunded or transferred to a third party.
Pending Bill: Partial Amendment to the Interest Limitation Act
Proposed by Rep. Seo Young-kyo (Democratic Party of Korea)
● This amendment lowers the statutory interest rate cap and replaces the previous dual-rate structure with a unified 15 percent cap for all lenders.
Promulgated Bill: Space Development Promotion Act
Competent Authority: Korea AeroSpace Administration
● To proactively foster the space industry, this bill establishes a legal basis for designating investment promotion zones within space industry clusters and specialized aerospace industry complexes.
Administrative Announcement: Partial Amendment to the Enforcement Rules of the Act on the Improvement of Urban Areas and Residential Environments
● This amendment adds unlicensed buildings to the criteria for designating reconstruction or improvement areas and expands the assessment items under the residential environment category in reconstruction inspections.
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