Page 2 - Partial Amendment News Today

Pending Bill: Special Act on the Expansion of the National Power Grid Proposed by Kim Sung-won (People Power Party) ● The evolving electricity production and high-tech industries have called for expanding the national power grid to address the increased supply of renewable energy and the need for a long-distance power transmission network. In particular, the success of new investments in high-tech industries, such a...

Pending Bill: Partial Amendment to the Income Tax Act Proposed by Rep. Park Dae-chul (People Power Party) ●This amendment proposes canceling the planned implementation of the financial income tax system next year, which imposes a 20-25 percent tax on capital gains from investments in financial investment products, such as stocks, bonds and funds, that are worth 50 million won ($38,230) or more. The financial investm...

Proposed Bills: Partial Amendment to the Game Industry Promotion Act Proposed by Rep. Kim Seung-su (People Power Party) ●This amendment ensures users can receive compensation for damages caused by intentional indication of misinformation for probabilistic game items by introducing a punitive damages system that mandates a compensation of twice the maximum damages. Game companies must prove that there was no intentio...

Proposed Bill: Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation Proposed by Rep. Park Dae-chul (People Power Party) ● In consideration of the high interest rates and rising number of stock investors in the current economic landscape, this amendment proposes to cancel the upcoming implementation of the financial income tax system and maintain the current capital gains tax system. This ...

Financial Industry Regulatory Authority (“FINRA”) supervisory control rules require each securities broker-dealer that is a member of FINRA to categorize every location from which the...

Proposed Bill: Special Act on the Change of Jurisdiction of Hanam-gu from Gyeonggi-do to Seoul Metropolitan City Proposed by Rep. Lee Yong (People Power Party) ● This proposed bill backs up the ruling People Power Party's "megacity" scheme that intends to incorporate cities near Seoul into the capital administratively. The "megacity" scheme attempts to "merge areas where people live wi...

Proposed Bill: Special Act on the Change of Jurisdiction of Hanam-gu from Gyeonggi-do to Seoul Metropolitan City Proposed by Rep. Lee Yong (People Power Party) ● This proposed bill backs up the ruling People Power Party's "megacity" scheme that intends to incorporate cities near Seoul into the capital administratively. The "megacity" scheme attempts to "merge areas where people live wi...

Proposed Bill: Partial Amendment to the Act on Public Holidays Proposed by Rep. Yoo Gyeong-joon (People Power Party) ● The existing law does not specify a deadline for announcing the designation of substitute holidays, which has caused difficulties for people to plan for the holidays. Therefore, this amendment requires the government to designate substitute holidays at least two months (60 days) in advance except in...

Proposed Bill: Partial Amendment to the Act on Public Holidays Proposed by Rep. Yoo Gyeong-joon (People Power Party) ● The existing law does not specify a deadline for announcing the designation of substitute holidays, which has caused difficulties for people to plan for the holidays. Therefore, this amendment requires the government to designate substitute holidays at least two months (60 days) in advance except in...

Proposed Bill: Whole Amendment to the Act on the Protection and Use of Location Information Proposed by Rep. Hong Suk-joon (People Power Party) ● With the expansion of the mobility market based on location information, location information is being used in various fields to provide customized services to users, but there are high barriers to entry for new companies. This amendment unifies the concept of personal loc...