Law 7030 of December 31, 2003 enacts the Korea Housing Financial Corporation Act. Establishes the Korea Housing Financial Corporation which will do businesses of securitization of housing mortgage bonds and students' loan bonds and of guaranteeing housing financial credit. Establishes the Korea Housing Financial Corporation the total paid-in capital amount of which will be contributed by the government and the Bank of Korea; provides that the Corporation may guarantee the repayment of housing mortgage bonds, student's loan bonds and securitization bonds issued from the basis of housing mortgage credits, but the total amount guaranteed shall not be exceed 50 times of its paid-in capital amount; and establishes the housing financial credit guarantee fund under the control of the Corporation which will manage and operate it. (69 articles; pp.12-36)

Law 7021 of December 30, 2003 amends the Act on the Promotion of Saving and Recycling of Resources. Aims to efficiently and systematically carry out reduction and recycling of waste by obliging mayors and chiefs of cities and districts to make a plan to recycle resources which is currently a provisional program, as the basic plan to dispose waste made by mayors and chiefs of cities and districts under the Waste Control Act includes matters necessary for exploitation of resources, such as, reduction and recycling of waste, etc., and mayors and chiefs of cities and districts are primarily responsible for waste control. (1 article; p.116)

Law 7020 of December 30, 2003 amends the Act on Assessment of Impacts of Works on Environment, Traffic, Disasters, etc.. Provides that chiefs of project approval authorities or assesment consultation authorities shall disclose assesment related documents in cases where residents, etc. so request; provides that if a project enterpriser makes an agreement with an impact assesment agency, the enterpriser shall make such agreement separate from other construction contracts; and provides that the criteria to asses impact of environment shall include ecosystem and natural state as stipulated in the Natural Environment Conservation Act, total pollution level by region and other criteria for the environment conservation as stipulated by relevant laws in addition to the environmental criteria as stipulated by the Framework Act on Environmental policy. (7 articles; pp.113-115)

Law 7023 of December 30, 2003 amends the Korea Resources Recovery and Reutilization Corporation Act. Changes the title of this Act to the Korea Environmental Resources Corporation Act, and changes the name of the Korea Resources Recovery and Reutilization Corporation to the Korea Environmental Resources Corporation; extends the office term of the statutory auditor thereof to 3 years; and includes to the business purposes of the Corporation the business of recover, reutilization and treatment of recyclable resources, the business of promotion of using recycled products, the business of research/statistics management/supply of information, etc.. (6 articles; pp.121-123)

Law 7013 of December 30, 2003 amends the Local Tax Act. Allows the method to deliver tax notice of small tax amount to be determined by ordinance of local governments; provides that the obligation of report and payment of acquisition tax, etc. shall be divided into report obligation and payment obligation, and that different additional dues rate shall be applied to each of the breach of such obligation; changes the current provision by which automobile tax shall be imposed by one time calculation when the request therefor is made in case of acquiring used cars to the new provision by which automobile tax shall be imposed by calculation thereof conducted regularly; and extends the time limit of local tax exemption for 3 more years until December 31, 2006. (30 articles; pp.86-97)

Law 7005 of December 30, 2003 amends the Corporate Tax Act. Aims to improve and supplement institutional defects under the current provisions by reducing corporate tax rate, encouraging enterprises to comply with transparency in operation thereof through the restriction of tax refund to be applied to fraudulent accounting made by enterprises, adjusting domestic income source of foreign-invested companies in a reasonable manner to foster investment environment for foreign investors, etc.. (19 articles; pp.33-40)

Law 7018 of December 30, 2003 amends the Energy Use Rationalization Act. Includes the greenhouse gases reduction plan to the scope of the national basic plan on energy, regional energy plan, etc.; provides that users and suppliers of energy who invest to energy saving facilities, etc. may be supported; provides that if energy saving enterprises, etc. apply for registration of their achievement in reduction of greenhouse gases through energy use rationalization, the government shall register and manage them in accordance with the Presidential Decree; and provides that a person who is reported as a manager of energy, who has the technical skill in carrying out installation of machinery and materials using energy, or who is employed to operated machinery subject to inspection shall have an education determined by the Ministerial Decree of the Ministry of Commerce, Industry and Energy. (24 articles; pp.107-111)

Law 7007 of December 30, 2003 amends the Value-Added Tax Act. Promotes convenience of tax payers by simplifying reporting and payment system for the value-added tax ("VAT"); extends report period during which foreign-invested companies shall report basis of assessment for the subject taxation period, etc.; adjusts the application scope of plain taxation system and additional dues rate applied to companies without tax certificate for their businesses, etc.; and requires deduction of certain rates of VAT even in case of payment made by cash cards, etc. other than credit cards. (14 articles; pp.52-57)

Law 7006 of December 30, 2003 amends the Income Tax Act. Aims to improve and supplement institutional defects under the current provisions by stipulating that substantial restructure shall be made for tax support system related to living of the people, such as, expansion of the scope of tax deduction applied to incomes and expenditures including, but limited to, education cost, medical expense, second income made by farmers, child-birth and care grants, long-term housing loan interests, that equity in taxation shall be promoted by imposing tax on earnings made from speculation in real estates, and that transfer tax rate shall be increased in case of transferring real estate after short-term possession thereof, unregistered transferring, and transferring a residence owned by a person having 3 or more residences, etc. to prevent speculation in real estates. (33 articles; pp.40-52)

Law 7016 of December 30, 2003 amends the Act on Special Cases concerning Electric Source Development. Changes the title of this Act to the Electric Source Development Promotion Act; includes the project to establish facilities for electric source or its improvement project, and the project to efficiently operate such facilities by securing established facilities for electric source to the meaning of electric source development project; and provides that enterprises of electric source development project shall listen to the opinions of residents, experts of related area, etc. before applying for an approval as to electric source development project plan or its modified plan and reflect their opinions thereto if such opinions are deemed to be reasonable. (7 articles; pp.101-104)