Amid the economic crisis currently affecting the world, the soundness of national finance has been the stronghold of Korean economy. At this time, when the fiscal soundness needs to be maintained, it continues to be an indispensible task to amend any weaknesses in the existing financial laws if and when they are found.
Commemorating the opening of the 19th National Assembly of the Republic of Korea, the National Assembly Budget Office (NABO) published “Amendment Issues in National Finance Laws, 2012.” It discusses a total of 32 issues assumed to be in need of amendment in depth.
During the 18th National Assembly, NABO made as many as 70 proposals for legislative amendment: 21 in 2008, 26 in 2009, and 23 in 2011, and 17 of them finally passed the National Assembly plenary session. This year’s report addresses the most pressing issues that need to be amended. It is composed of 15 proposals made in relation to the National Finance Act, four proposals pertaining to the National Accounting Act, two proposals in relation to “The Act for the Management of Public Institution,” and 11 proposals with a need to submit comprehensive plans for how to operate burden charges.
It is the sincerest wish of NABO that the proposals for amendment put forward in this report will serve the Members of the National Assembly. NABO will make continued efforts to improve the existing financial laws in order to further consolidate the sound foundation of our national finance.
Administrative Budget Analysis Division
Commemorating the opening of the 19th National Assembly of the Republic of Korea, the National Assembly Budget Office (NABO) published “Amendment Issues in National Finance Laws, 2012.” It discusses a total of 32 issues assumed to be in need of amendment in depth.
During the 18th National Assembly, NABO made as many as 70 proposals for legislative amendment: 21 in 2008, 26 in 2009, and 23 in 2011, and 17 of them finally passed the National Assembly plenary session. This year’s report addresses the most pressing issues that need to be amended. It is composed of 15 proposals made in relation to the National Finance Act, four proposals pertaining to the National Accounting Act, two proposals in relation to “The Act for the Management of Public Institution,” and 11 proposals with a need to submit comprehensive plans for how to operate burden charges.
It is the sincerest wish of NABO that the proposals for amendment put forward in this report will serve the Members of the National Assembly. NABO will make continued efforts to improve the existing financial laws in order to further consolidate the sound foundation of our national finance.
Administrative Budget Analysis Division