[Bills in Focus] Protecting small retailers, boosting recycling


Proposed by Rep. Lim Kwang-hyun of the Democratic Party of Korea, a bill seeks to amend the Income Tax Act by increasing the basic deduction for financial investment income tax from 50 million won to 100 million won. The aim is to prevent a decline in the domestic stock market when the financial investment income tax is implemented in 2025. Another proposed bill, put forward by Rep. Oh Sae-hee of the same party, aims to amend the Distribution Industry Development Act by imposing stricter regulations on hypermarkets. This includes mandating compulsory closure dates for hypermarkets on holidays and restricting their business hours to support the development of small and medium-sized distribution businesses. Additionally, a pending bill proposed by Rep. Kim Sang-hoon of the People Power Party seeks to amend the Act on the Improvement of Urban Areas and Residential Environments. The proposed changes aim to facilitate the smooth implementation of urban redevelopment projects by streamlining the safety inspection system, allowing communities to establish redevelopment promotion committees early on, and enhancing regulations related to project financing processes. Furthermore, a recently promulgated bill known as the Microfinance Support Act, overseen by the Financial Services Commission, temporarily increases the contribution rates financial companies must make to the Korea Inclusive Finance Agency. This increase, applicable until the end of the following year, is set at 0.035 percent for banks and 0.045 percent for insurance, mutual finance, specialized credit finance companies, and savings banks. Lastly, an administrative announcement by the Ministry of Environment introduces a partial amendment to the Enforcement Decree of the Act on Resource Circulation of Electrical and Electronic Equipment and Vehicles. The focus of this amendment shifts from the safe disposal of electronic devices to establishing a mandatory recycling system, reflecting advancements in recycling technology.


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