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Korea Herald

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.