The 6th Cabinet meeting of South Korea, presided over by the President on February 24, 2024, focused on reviewing and approving a broad range of legal and regulatory changes. A total of 80 items were discussed, including 35 legal promulgations, 1 legal bill, 40 presidential decrees, and 4 general agenda items. The meeting also featured in-depth discussions on lowering the age for juvenile criminal responsibility, population trends in declining regions, and plans to address illegal facilities in rivers and valleys. Special coordination on consumer price management was shared among relevant ministries.
The reforms directly affect multiple sectors, including culture, taxation, housing, agriculture, and public safety. Notable legal changes include amendments to the Performance Act and National Sports Promotion Act to prevent fraudulent ticket sales, and updates to the Agricultural Products Distribution and Price Stabilization Act to strengthen market oversight. Amendments to the Parking Lot Act expand regulations on long-term parking and obstructive parking behaviors, while the Electronic Government Act now allows for mobile IDs with legal equivalence to physical IDs. The Passport Act increases penalties for unauthorized travel to restricted regions.
Implementation timelines and details vary by sector. For example, the revised Income Tax Act raises the non-taxable income threshold for production workers and expands housing supply measures under the Real Estate Transaction Reporting Act. The amendments to the Special Taxation Act broaden R&D tax credits and dividend taxation rules. Each change is managed by its respective ministry, such as the Ministry of Economy and Finance for tax laws and the Ministry of Agriculture, Food and Rural Affairs for agricultural regulations. The Cabinet emphasized that further details should be confirmed with the relevant agencies.
Frequently asked questions include: What are the main legal changes? The Cabinet approved amendments affecting ticket sales, agricultural markets, parking regulations, mobile identification, and passport penalties. Who is impacted? Citizens, businesses, and government agencies across culture, housing, and public safety sectors. How will these changes be enforced? Enforcement will be managed by the respective ministries, with new penalties and expanded regulatory powers. For more information, contact the relevant ministry as listed in the official briefing.
Metaqsol opinion: The Cabinet’s approval of a broad set of legal reforms signals a strategic push for modernization and improved governance in South Korea. The focus on culture, tax, housing, and public safety addresses both societal and economic priorities. By increasing penalties and expanding regulatory powers, the government aims to enhance compliance and public trust. Sector-specific implementation allows for targeted impact, but ongoing communication with relevant ministries will be essential for effective enforcement and adaptation. These reforms are likely to benefit citizens and businesses by clarifying rules and strengthening oversight.