Latest news with #DistributionIndustryDevelopmentAct
Korea Herald
16 hours ago
- Business
- Korea Herald
Shareholder voting rights, private equity fund limit
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 Commercial Act Proposed by Rep. Lee Jung-mun (Democratic Party of Korea) ● The bill would broaden the scope of directors' duty of loyalty to include shareholders as well as the company, and limit the largest shareholder's voting rights to three percent when appointing audit committee members. Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Kim Hyun-jung (Democratic Party of Korea) ● The bill would reduce the borrowing limit for private equity funds from 400 percent to 200 percent of their net asset value. It would also require them to report to the Financial Services Commission any conflict of interest and measures for its control in asset transactions through SPCs or related-party deals. Pending Bill: Partial Amendment to the Distribution Industry Development Act Proposed by Rep. Oh Sae-hee (Democratic Party of Korea) ● This bill would mandate the head of a local government to designate compulsory closedown dates and impose business hour restrictions on superstores, while requiring that the closedown dates be selected from public holidays. Promulgated Bill: Act on the Improvement of Urban Areas and Residential Environments Competent Authority: Ministry of Land, Infrastructure and Transport ● Effective June 4, the amended law has significantly eased the standards and requirements for reconstruction safety inspections. It exempts apartment buildings over 30 years old from mandatory safety inspections required for reconstruction projects. Administrative Announcement: Partial Amendment to the Enforcement Decree of the Act on the Promotion of Saving and Recycling of Resources Competent Authority: Ministry of Environment ● The draft amendment would expand the scope of products subject to mandatory recovery and recycling to include plastic toys, which must meet a recycling rate annually determined by the Ministry of Environment. For queries about the bills, contact cr@
Korea Herald
08-04-2025
- Business
- Korea Herald
Promoting employment of older adults, protecting consumers in electronic commerce
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 Act on Prohibition of Age Discrimination in Employment and Elderly Employment Promotion Proposed by Rep. Kim Wi-sang (People Power Party) ● This amendment requires employers to provide continued employment in line with the national pension eligibility age, while leaving the choice of specific measures — such as extending the retirement age or rehiring retired employees — up to each company. Proposed Bill: Partial Amendment to the Distribution Industry Development Act Proposed by Rep. Yoon Joon-byeong (Democratic Party of Korea) ● This amendment extends by five years the sunset period for provisions on defining and registering quasi-superstores, as well as designating traditional commerce preservation areas. Pending Bill: Partial Amendment to the Act on the Consumer Protection in Electronic Commerce Proposed by the Government ● This amendment requires mail-order distributors and brokers to appoint domestic agents in Korea, who must handle consumer complaints or disputes and cooperate with Fair Trade Commission investigations into suspected legal violations. Promulgated Bill: Special Act on the Promotion of Offshore Wind Power Distribution and Industry Development Competent Authorities: Ministry of Economy and Finance; Ministry of Trade, Industry and Energy; and Ministry of Oceans and Fisheries ● This bill shifts offshore wind power development to a government-led model by mandating the Ministry of Trade, Industry and Energy and the Ministry of Oceans and Fisheries to operate a site information network, designate preliminary and development districts based on it, and select project operators for each district through tenders. Administrative Announcement: Partial Amendment to the Enforcement Decree of the Act on Restriction on Special Cases Concerning Taxation
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.
