17-03-2025
Reinforcing construction firms accountability, high-tech strategic 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 Construction Technology Promotion Act
Proposed by Rep. Park Yong-kab (Democratic Party of Korea)
● This amendment requires the quarterly disclosure of construction firms where fatal industrial accidents have occurred, aiming to enhance the accountability of firms and encourage them to strengthen safety measures at construction sites.
Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act
Proposed by Rep. Kim Sang-hoon (People Power Party)
● This amendment aims to curb stock volatility driven by widespread fictitious subscriptions and short-term trading by institutional investors. It enables a pre-investment survey to gauge investors' interest in initial public offerings and introduces the Cornerstone Investor Program, which pre-allocates publicly offered shares to institutional investors who commit to holding them for a set period.
Pending Bill: Partial Amendment to the Housing Act
Proposed by Rep. Han Jun-ho (Democratic Party of Korea)
● Amid rising disputes over construction cost increases due to soaring material costs, this amendment grants housing remodeling associations the right to request verification of construction costs for renovation projects from the Korea Real Estate Board, the Korea Land and Housing Corporation, or local public corporations.
Promulgated Bill: Enforcement Decree of the Act on Restriction on Special Cases Concerning Taxation
Competent Authority: Ministry of Economy and Finance
● This bill broadens the scope of new growth, source technologies, national strategic technologies eligible for tax credits on research and human resource development expenses, aiming to strengthen support for high-tech strategic and prospective future industries.
Administrative Announcement: Partial Amendment to the Enforcement Decree of the Act on the Improvement of Urban Areas and Residential Environments
● To accelerate reconstruction and redevelopment projects, this amendment requires local governments to notify the reconstruction inspection implementation plan within 30 days of receiving an inspection request, without conducting on-site inspections.
