Proposed Bill: Partial Amendment to the Act on Labeling and Advertising of Foods

Proposed by Rep. Huh Sung-moo (Democratic Party of Korea)

  • This bill would introduce a nutritional grading system for children’s preferred foods and other food products designated by Presidential Decree, and require labelling for such grades.

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

Proposed by Rep. Min Byoung-dug (Democratic Party of Korea)

  • This bill would introduce tax credits against income and corporate taxes for safety management costs, costs for safety and health measures, safety facility expenditures, and increased employment of safety workers.

Pending Bill: Partial Amendment to the Distribution Industry Development Act

Proposed by Rep. Woo Jae-jun (People Power Party)

  • Under this bill, restrictions currently applied to hypermarkets and super supermarkets (SSMs), such as limits on operating hours and mandatory closing days, would be abolished for SSMs, while those on hypermarkets classified as large-scale retail outlets would be gradually eased.

Promulgated Bill: Enforcement Decree of the Petroleum and Alternative Fuel Business Act

Competent Authority: Ministry of Trade, Industry and Resources

  • The promulgated Act expands the eligibility for refunds of petroleum import surcharges to include cases where natural gas is supplied as an industrial raw material. It also extends the refund period for petroleum import surcharges on petroleum products traded through the e-commerce market until Dec. 31, 2027.

Administrative Announcement: Partial Amendment to the Enforcement Rule of the Motor Vehicle Management Act

Competent Authority: Ministry of Land, Infrastructure and Transport

  • The draft amendment would establish a legal basis for vehicle manufacturers and sellers to provide purchasers of electric vehicles with information about the traction batteries installed in their vehicles.

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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.