On March 16th, the Planning and Finance Committee of the National Assembly passed a revised bill for the Act on Restriction of Special Taxation. Also known as the K-CHIPS Law, the act aims to provide additional tax benefits for domestic semiconductor facility investments by expanding the tax deducti
On March 22nd, the Special Committee on Political Reform (Reform Committee) of the National Assembly passed a bill to revise the election system, which will be submitted to the Whole House Committee. The Reform Committee agreed to discuss and process the three suasions proposed by the Advisory Commi
On February 20th, the government revealed plans to develop and routinize daily Artificial Intelligence (AI) services through the New Growth 4.0 Strategy during the Emergency Ministerial Meeting on Economic Affairs. The detailed plan of the Nationwide AI Routinization Project will be released this Ju
On February 21st, the Ministry of Economy and Finance(MOEF) held the Finance Executive Vice Ministers Conference to announce the expanded budget in the first half year to be ₩383 trillion, which is the largest amount in Korean history. The ministry stated that the budget had been mostly drawn up for
Since this February, Seoul City raised the minimum fare for a mid-sized taxi from ₩3,800 to ₩4,800 and reduced the base distance from 2km to 1.6km. Furthermore, last December, Seoul City extended the late-night surcharge time slot from 10 p.m. to 4 a.m. and the extra surcharge from 11 p.m. to 2 a.m.
On January 27th, the Ministry of Health and Welfare (MOHW) announced the result for the 5th public financial forecasting of the National Pension System (NPS). The financial forecasting of the NPS refers to an overall plan for managing the NPS, which includes insurance fee adjustments and fund operat
The Kakao outage, which began on October 15th and lasted for approximately 127 hours and 30 minutes, was brought on by a fire at the SK C&C data center in Pangyo, which disrupted all critical services. Kakao restored the message sending and receiving functions by 1:30 a.m. the next day, and restored
When the governor of Gangwon Province, Kim Jin- tae, refused to pay the Legoland debt guarantee of ₩25 billion, it turned the financial market into chaos. Legoland opened this year on Children’s Day after Gangwon Province and Nick Barney Merlin Entertainment agreed to an investment deal. Gangwon Pro
On August 16th, during a meeting of high prosecutors, the Supreme Public Prosecutor’s Office (SPO) announced that they would take stern action against increasing narcotic and organized crimes. During the first half of this year, the total number of drug offenders was 8,575, a 13.4% increase compared
In August, Korea suffered from one of the heaviest rainfalls in decades. There were losses of life and damage to property, including several basement dwellings. Therefore, on August 16th, the Yoon Suk-yeol administration announced the first housing supply measures of 2.7 million houses in five years
South Korea and the United States (U.S.) military resumed large-scale field exercises from August 22nd to September 1st, rebranded as Ulchi Freedom Shield (UFS). The joint exercise used to be conducted as a computer simulation-based training exercise, but this year’s military drill will include an o
Recently, BA.5, one of the most contagious Omicron subvariants of the coronavirus disease 2019 (COVID-19), has been spreading rapidly. In addition, as South Korea confirmed its first case of BA.2.75, a new highly-mutated subvariant of the virus – nicknamed “Centaurus” – concerns have gro