Amendments to the Personal Information Protection Act and Credit Information Use and Protection Act
Amendments to the Personal Information Protection Act (‘PIPA’) and Credit Information Use and Protection Act (‘Credit Information Act’) that were promulgated on February 4, 2020 took effect on August 5, 2020, along with their respective implementing regulations that were also amended to reflect the changes in the two laws. By balancing the need for the protection …
Key Tax Law Amendments in the Draft 2020 Tax Revision Bill
On July 22, 2020, the Ministry of Economy and Finance publicly released the 2020 draft Tax Revision Bill (the ‘Draft Bill’). Amidst the increasing risk of a global recession caused by the COVID 19 pandemic, the Draft Bill aims to: (i) promote investment and spending; (ii) enhance tax benefits to low-income earners and mid-sized and …
Continue reading “Key Tax Law Amendments in the Draft 2020 Tax Revision Bill”
Important Upcoming Changes to the Korean Electricity Business Act regarding Solar Farm Developments
There have been recent amendments to the Electricity Business Act (‘EB Act’) (the main Act governing the granting of permits required to develop and operate renewable energy projects in Korea) that are likely to affect a large majority of potential investors in Korean solar farm projects. As is discussed below, the legislative amendments are due …
Important Upcoming Changes to the Korean Electricity Business Act regarding Solar Farm Developments
There have been recent amendments to the Electricity Business Act (‘EB Act’) (the main Act governing the granting of permits required to develop and operate renewable energy projects in Korea) that are likely to affect a large majority of potential investors in Korean solar farm projects. As is discussed below, the legislative amendments are due …
News Alert – Recent Amendment to Korean Patent
New hybrid approach covering full scope of infringing sales (lost profits + reasonable royalty) On May 20, 2020, the Korea National Assembly approved a bill to amend the Patent Act, adopting a so-called hybrid damages approach – where a patentee will be entitled to seek a royalty, as additional damages, for sales that exceed the …
Continue reading “News Alert – Recent Amendment to Korean Patent”
COVID-19 Outbreak: Managing Legal Issues from the Korean Law Perspective
While Korea has had considerable success in containing and curtailing the first wave of the novel coronavirus outbreak (‘COVID-19’), the ongoing spread of the pandemic continues to disrupt the global economy, significantly impacting businesses and companies in all industries worldwide. As a result, businesses and companies both within Korea and throughout the world are increasingly confronting …
Continue reading “COVID-19 Outbreak: Managing Legal Issues from the Korean Law Perspective”
Latest Supreme Court Decision Sets New Standards for Inventiveness
Benefit of invention now a more important factor for inventiveness On May 14, 2020, the Supreme Court held, for the first time, that even if there are no facially apparent difficulties in combining certain prior art technologies to arrive at a particular patented invention, such combination would not be easy and thus inventiveness of the …
Continue reading “Latest Supreme Court Decision Sets New Standards for Inventiveness”
Amendments to the Pharmaceutical Affairs Act to Strengthen Administrative & Criminal Sanctions for Data Manipulation Related to Applications for Regulatory Approvals
On April 7, 2020, an amendment to the Pharmaceutical Affairs Act (the ‘PAA’) came into effect to provide a statutory basis for administrative and criminal sanctions to be enforced against companies that have obtained regulatory approval for a drug product through deceitful or otherwise improper means.
Amended Act on Reporting and Using Specified Financial Transaction Information Now Governs Virtual Assets
The amendment to the Act on Reporting and Using Specified Financial Transaction Information (hereinafter, the “Specified Financial Information Act”), which defines cryptocurrency as a “virtual asset” and focuses on a reporting system for cryptocurrency exchanges, was ratified in the National Assembly’s plenary session on March 5, 2020.
Recent Decision by the Tax Tribunal Regarding Application of the Flat Tax Rate to Foreign Employees
Application of the flat tax rate to “a foreign employee who worked in Korea for a period which ended before January 1, 2014, and recommenced working in Korea after January 1, 2014”