Latest news with #FinancialInvestmentServicesandCapitalMarketsAct
Korea Herald
21-04-2025
- Business
- Korea Herald
Game user protection, tax credits for subcontractor support
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 Game Industry Promotion Act Proposed by Rep. Kim Byung-kee (Democratic Party of Korea) ● This amendment requires game companies to retain records of probabilistic item acquisition outcomes for at least three years and to disclose them to users in order to enhance transparency regarding probabilistic items. Proposed Bill: Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation Proposed by Rep. Kim So-hee (People Power Party) ● This amendment establishes tax credits for expenses incurred to support subcontractors' industrial accident prevention efforts — 3 percent for large companies, 6 percent for middle-standing enterprises and 12 percent for small and midsized businesses — deductible from corporate or income tax in the year the expense was incurred. Pending Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Yoon Han-hong (People Power Party) ● This amendment clarifies the directors' duty to protect shareholders' interests by specifying that in the event of a merger, an essential business or asset transfer, an all-inclusive stock swap or transfer, or a split or split and merger, the board of directors must make every effort to protect shareholders' legitimate interests. Promulgated Bill: National Pension Act Competent Authority: Ministry of Health and Welfare ● This amendment — Korea's first pension reform in 18 years since 2007 — raises the contribution rate from 9 percent to 13 percent and increases the nominal income replacement rate from 40 percent to 43 percent. ● This amendment renders both the principal and interest of a loan agreement null and void if the annual interest rate exceeds 100 percent, treating such contracts as socially unacceptable lending practices. —-
Korea Herald
31-03-2025
- Business
- Korea Herald
Inheritance tax system reform, aircraft parts tax exemption
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 Inheritance Tax and Gift Tax Act Proposed by Rep. Kwon Young-se (People Power Party) ● This amendment abolishes the inheritance tax on a surviving spouse by eliminating the current deduction cap of 3 billion won ($2.03 million), thereby allowing a full deduction of the inherited amount. Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Jung Sung-kook (People Power Party) ● This amendment includes cryptocurrencies as eligible investment assets for asset management companies, enabling collective investment schemes under the Financial Investment Services and Capital Markets Act to issue and trade cryptocurrency-related products. Pending Bill: Partial Amendment to the Distribution Industry Development Act Proposed by Rep. Huh Young (Democratic Party of Korea) ● This amendment expands the range of measures available to local governments when a superstore shows insufficient progress in implementing its regional cooperation plan. Authorities may not only recommend improvements but also disclose the subject and content of those recommendations, issue performance orders or impose charges to compel compliance. Promulgated Bill: Customs Act Competent Authority: Ministry of Economy and Finance ● This bill extends the tax exemption period for aircraft parts through the end of this year to support the aviation industry. It also broadens the scope of virtual asset service providers required to submit taxation data, aiming to curb illegal trading and property concealment through virtual assets by delinquent taxpayers. ● This amendment introduces an inheritance acquisition tax system, under which heirs pay inheritance tax based on the amount of the property they receive.
Korea Herald
17-03-2025
- Business
- Korea Herald
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.
Korea Herald
04-03-2025
- Automotive
- Korea Herald
Enhancing bank services, safety measure for electric cars
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 Insurance Business Act Proposed by Rep. Cha Gyu-geun (Rebuilding Korea Party) ● This amendment mandates that stocks issued by affiliates of an insurance company and held by the company be valued at market prices rather than acquisition costs. It also sets a cap on the total value of these holdings, limiting them to 3 percent of the company's total assets. Proposed Bill: Partial Amendment to the Banking Act Proposed by Rep. Choi Eun-seok (People Power Party) ● To improve access to financial services in rural areas and enhance user convenience, this amendment permits non-financial institutions, such as post offices, to offer bank agency services. Pending Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Yoon Han-hong (People Power Party) ● This amendment clarifies the duty of directors to protect shareholder interests by specifying that in the event of a merger, an essential business or an asset transfer, an all-inclusive stock swap or transfer, or a split or split and merger, the board of directors must make every effort to protect shareholders' legitimate interests. Competent authority: Ministry of Land, Infrastructure and Transport ● To address growing concerns about fire-related accidents involving electric cars, this bill requires domestic electric car manufacturers to obtain government safety certification for the batteries used in their vehicles before launching them on the market. ● To address a personnel shortage in the electrical construction industry, this amendment relaxes the requirements for intermediate electrical construction engineers by recognizing individuals without formal educational qualifications in the field but who have specialized work experience and expertise in electrical construction as qualified for the position of intermediate electrical construction engineers.
