Latest news with #ShinYeong-dae
Korea Herald
07-05-2025
- Business
- 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.
Korea Herald
30-01-2025
- Business
- Korea Herald
Koreans chase jackpot dreams in record numbers
Lottery sales reach an all-time high of 5.95 trillion won in 2024 Despite the long odds, Koreans are betting big on the lottery, with Lotto sales soaring to nearly 6 trillion won ($4.16 billion) last year. According to the Ministry of Strategy and Finance and DongHang Lottery — the firm designated by the Ministry of Economy and Finance to operate the national lottery —Lotto sales reached an all-time high of 5.95 trillion won in 2024. 'The explosive increase in lottery sales, which are mainly purchased by the working class, shows how difficult the current economy is,' said Rep. Shin Yeong-dae of the main opposition Democratic Party of Korea who obtained the data. The game gained massive popularity in 2003, just a year after its launch, with sales hitting 3.8 trillion won that year. However, concerns over excessive gambling led the government to introduce regulations. One rule capped jackpot rollovers at twice the amount — if there was no top winner for three consecutive weeks, the prize would go to the next tier of winners. Additionally, in 2004, the price of a single Lotto ticket was reduced from 2,000 won to 1,000 won, causing annual sales to dip below 3 trillion won. Despite these restrictions, sales have steadily climbed over the years, surpassing 3 trillion won again in 2014, crossing the 4 trillion mark in 2019, and exceeding 5 trillion won in 2021. At this pace, sales are projected to top 6 trillion won by 2026. Meanwhile, in 2024, there were 763 jackpot winners. The largest payout of the year came on Nov. 23, when eight winners split first prize, receiving 3.32 billion won each. The most winners in a single draw occurred on July 13, with 63 people sharing the top prize, each taking home 420 million won. The busiest week for Lotto sales was leading up to the Feb. 10 drawing, with 126.6 billion won worth of tickets sold. In contrast, the slowest sales week was before the Aug. 3 drawing, when sales dipped to 109.1 billion won.
