• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.63
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• pp.185-207
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• 2014

There are over 20 administrative rules related to Korea Foreign Trade Act including Export and Import Notification, Consolidated Notification, Notification for Strategic Materials and so on. The purpose of this research proposes to reform some administrative rules related to Korea Foreign Trade Act. First, the administrative rules are a little many and hidden in part, so the effort need for simplification and publication. Especially Export and Import Notification is no need more, and some articles can be transfer to the similar notification. Second, the prohibited or regulated items are only 135, and the reason is cooperation to world trade policy and Korea trade purpose. The item number of trade limitation are decreased sharply compare to several decades, but we still effort to decrease. Third, There are 2 tracks trade regulation both Korea Foreign Trade Act and 57 specific acts. The number of trade limitation item is over 5,000, so it is impossible to control by Consolidated Notification. The role of Consolidated Notification is the just guides for Export and Import, so trader has to use the specific trade-related law.

• Management & Information Systems Review
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• v.15
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• pp.1-18
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• 2004

It was 1976 when the preparation of consolidated financial sheet was first prescribed in this nation. Since then, the prescription has been revised several times. Revised in April 1992, enforcement regulations of the Securities Exchange Act provided that every listed corporation has its consolidated financial sheets and an auditor's opinion about them attached to its business report. In other words, the outside audit of consolidated financial sheets became inevitable. The Act of the Outside Audit of Corporation was revised in December 1993 to provide that all corporations must prepare consolidated financial sheets and receive the outside audit of the documents beginning their settlement of accounts in December 1994. In case of overseas corporations, consolidated financial sheets and the Equity Law have been applied since their settlement of accounts in December 1995. Now those sheets must be prepared by all local and overseas corporations that involve relations of governance or dependence. The preparation and public notification of consolidated financial sheets has been settled as a system. This nation has not yet introduced consolidated tax return using consolidated financial sheets. Such tax return system is already being used by most of the world's economic powers such as U.S., Europe and Japan. This study shows that reduction in corporation tax is the biggest reason for avoiding consolidated tax return system, even though the system can facilitate the settlement of consolidated accounting. Consolidated tax return, which is being implemented in about 20 countries including U.S., needs to be introduced by this nation where consolidated financial sheets are publicly notified.