Proposed Bill: Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation

Proposed by Rep. Hwang Jung-a (Democratic Party of Korea)

  • This bill would include small modular reactors within the scope of national strategic technologies and expand the tax credit for research and development expenses related to national strategic technologies up to 55 percent.

Proposed Bill: Special Act on the Promotion of Small and Medium Enterprise Succession

Proposed by Rep. Kim Dong-ah (Democratic Party of Korea)

  • This bill would require the government to establish a five-year master plan for providing succession support to ensure systematic support, establish a succession support center, and introduce a succession support registration system, allowing the government to offer one-stop support services to SMEs seeking business succession.

Pending Bill: Partial Amendment to the Commercial Act

Proposed by Rep. Oh Gi-hyoung (Democratic Party of Korea)

  • This bill would mandate the cancellation of treasury shares within one year of their acquisition, and require companies holding treasury shares as of the effective date of this Amendment to cancel such shares within one year and six months from the date of enforcement.

Promulgated Bill: Enforcement Rule of the Act on Assistance to Korean Off-Shore Enterprises in Repatriation

Competent Authority: Ministry of Trade, Industry and Resources

  • This bill limits eligibility for repatriation support to offshore companies that have actually downsized their overseas operations by selling equipment or shutting down part of their production facilities.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Act on the Promotion of Information Security Industry

Competent Authority: Ministry of Science and ICT

  • The draft amendment would expand the scope of entities subject to the information security disclosure obligation to include all companies listed on the Kospi and Kosdaq markets by removing the requirement to have at least 300 billion won ($207,000) in annual sales.

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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.

For queries about the bills, contact cr@draju.com.