Recreation consumer safety, office security help

The Korea Herald republishes a weekly legislative report by native regulation agency DR & AJU LLC to offer the most recent data on payments authorized, proposed, pending and set to be promulgated. — Ed.

Proposed Invoice: Partial Modification to the Recreation Trade Promotion Act

Proposed by Rep. Kim Byung-kee (Democratic Occasion of Korea)

● This modification requires sport firms to retain information of probabilistic merchandise acquisition outcomes for at the least three years and to reveal them to customers with a view to improve transparency relating to probabilistic gadgets.

Proposed Invoice: Partial Modification to the Act on Restriction on Particular Circumstances Regarding Taxation

Proposed by Rep. Kim So-hee (Folks Energy Occasion)

● This modification establishes tax credit for bills incurred to help subcontractors’ industrial accident prevention efforts — 3 % for giant firms, 6 % for middle-standing enterprises and 12 % for small and medium-sized enterprises — deductible from company or revenue tax within the yr the expense was incurred.

Pending Invoice: Partial Modification to the Monetary Funding Providers and Capital Markets Act

Proposed by Rep. Yoon Han-hong (Folks Energy Occasion)

● This modification clarifies the administrators‘ responsibility to guard shareholders‘ pursuits by specifying that within the occasion of a merger, a necessary enterprise or asset switch, an all-inclusive inventory swap or switch, or a break up or break up and merger, the board of administrators should make each effort to guard shareholders‘ reputable pursuits.

Promulgated Invoice: Nationwide Pension Act

Competent Authority: Ministry of Well being and Welfare

● This modification — Korea’s first pension reform in 18 years since 2007 — raises the contribution price from 9 % to 13 % and will increase the nominal revenue alternative price from 40 % to 43 %.

Administrative Announcement: Partial Modification to the Enforcement Decree of the Act on Registration of Credit score Enterprise and Safety of Finance Customers

Competent Authority: Monetary Providers Fee

● This modification renders each the principal and curiosity of a mortgage settlement null and void if the annual rate of interest exceeds one hundred pc, treating such contracts as socially unacceptable lending practices.

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