[Bills in Focus] Support for small air services, safe environment for AI

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

Proposed by Rep. Park Choong-kwon (People Power Party)

● This amendment extends the sunset date of the special provision of tax deduction related to national strategic technologies, including semiconductor technologies, from Dec. 31, 2024, to Dec. 31, 2030.

Proposed Bill: Act on Artificial Intelligence Industry Promotion and Trust Securement

Proposed by Rep. Ahn Cheol-soo (People Power Party)

● As artificial intelligence becomes increasingly prevalent in everyday life, the need to regulate this new technology has become paramount in ensuring its safe development and utilization. This bill aims to establish policy measures to accommodate the introduction of AI technology to Korean society and enable the safe development and promotion of the domestic AI industry.

Promulgated Bill: Enforcement Decree of the Aviation Business Act

Competent Authority: Ministry of Land, Infrastructure and Transport

● This bill increases the maximum number of seats permitted within a small-scale air transport service to 80 seats and the minimum number of seats in an aircraft for domestic air transport services to 81 seats. It aims to alleviate the operational burden on small-scale air operators and promote the use of newly opened island airports.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Financial Investment Services and Capital Markets Act and Partial Amendment to the Regulations on Issuance, Public Disclosure, Etc. of Securities

Competent Authority: Financial Services Commission

● These amendments reinforce regulations on treasury stocks for listed companies. They impose disclosure obligations for companies whose treasury stocks make up more than 5 percent of their total stocks and prohibit the allocation of new shares to treasury stocks in corporate spin-offs or mergers.

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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.

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For any queries about the bills, contact cr@draju.com.