Proposed Bill: Partial Amendment to the Trade Union and Labor Relations Adjustment Act

Proposed by Rep. Song Eon-seog (People Power Party)

  • This bill would defer the enforcement of the so-called Yellow Envelope Act by one year, extending the grace period from six months to eighteen months after promulgation.

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

Proposed by Rep. Jung Tae-ho (Democratic Party of Korea)

  • This bill would introduce capital gain tax benefits of up to 100 percent for retail investors who reinvest proceeds from the sale of foreign stocks into domestic capital markets through Reshoring Investment Accounts.

Pending Bill: Partial Amendment to the Commercial Act

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

  • This bill would require treasury shares to be canceled within one year of acquisition and provide that companies holding treasury shares as of the Amendment’s effective date must cancel them within 18 months after enforcement.

Promulgated Bill: Digital Medical Products Act

Competent Authority: Ministry of Food and Drug Safety

  • This bill provides for the designation of the scope of digital medical or health support devices, adopts a voluntary reporting and information disclosure system, introduces performance certification, and establishes provisions to supervise the distribution of products involving false or exaggerated advertising.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Specialized Credit Finance Business Act

Competent Authority: Financial Services Commission

  • The draft amendment would establish a legal basis for allowing minors aged 12 or older to be issued family credit cards for their own use, upon application by their parents, and permit non-face-to-face onboarding of credit card merchants.

—

The Korea Herald republishes a weekly legislative report by local law firm D&A 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.

seungku99@heraldcorp.com