...PEST analysis korea I. POLITICAL ANALYSIS Current strengths: * Centralization of power * Political will for economic reforms * Strong foreign relationships Current challenges * Military influence in South Korean politics * Political violence Future prospects * Confidence building measures with North Korea * Strengthening relations with the EU Future risks * Uneasy relationship with North Korea * Government supports FTA * No red-tape & bureaucratic delays. * Transparent system II. ECONOMICAL ANALYSIS Current strengths ▪ Powerful export sector ▪ Successful economic reforms Current challenges ▪ Low level of imports Future prospects ▪ Competitive tax policy ▪ Liberalized service sector ▪ Implementation of free trade agreements (FTA) Per capita income is very high Corruption free environment, an educated & determinate workforce. Business friendly economy in the world III. SOCIAL ANALYSIS Current strengths ▪ High wages ▪ Highly educated workforce ▪ Rapid urbanization Current challenges ▪ Low fertility rates Future prospects ▪ Low unemployment rate ▪ Rising awareness of human rights multiracial & Multi cultural country High spending nature Future risks ▪ Rising power of labor unions IV. TECHNOLOGICAL ANALYSIS Current strengths ▪ Robust telecom sector ▪ Presence of large global and domestic players Current challenges ▪ Scarce natural resources...
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...structures. The first changes took place during the Sui dynasty in 581. Additional changes took place during the Tang dynasty in 618, and the Song dynasty in 960. The Sui dynasty was founded by Yang Jian. Jian was a member of a respected aristocratic family in northern China. (Duiker & Spielvogel, 2009) Yang Jian turned to Daoism and Buddhism to unify the empire. Jian founded monasteries for both religions in the capital and assigned Buddhist monks as political advisers. A new political system was put in place; three departments and six ministries. Royal power was enhanced and the work division in the court became detailed. The traditional Jiupin Zhung Zheng (nine ranks of officials) Hierarchical system was replaced by the Imperial Examination system. ("Sui dynasty," ) The Grand Canal was constructed during the Sui dynasty; linking the Yellow and the Yangtze Rivers. The Grand Canal served many purposes. For example, it made it possible to introduce the grain and other items from the rice-rich southern provinces to the heavily populated north. The agricultural acreage was increased largely which promoted the crop yield. Advances were made in ship-building technology. ("Sui dynasty," ) The Grand Canal also served as a speedy communication gateway between the South and the North. Sui Yangdi used the canal as a means for inspecting his empire. The Sui dynasty came to an end in 618. During the Tang dynasty, a program of internal renewal and external expansion was launched...
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...A 29 PENSION REFORM ACT 2004 2004 ACT No. 2 ARRANGEMENT OF SECTIONS Section: P.\RT 1 - ESTABLISHMENT AND OBJECTIVES OF CONIRIBUTORY PENSION SCHEME FOR EMPLOYEES IN THE PUBLIC AND PRIVATE SECTORS 1. 2 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. Establishment of a Contributory Pension Scheme for employees in the public and private sectors. Objectives of the Scheme. Withdrawal from retirement savings account. Retirements benefits. Death of an employee. Missing employees. Retirement benefits to be exempted from tax. Exemption from the Scheme. Rate of contribution to the Scheme. . Contribution under the Scheme to form part of tax deductible expenses. Retirement Savings Account and remittance of contributions, etc. Transfer of entitlement from defined benefits scheme into the Scheme. Transfer from one employment to another. PART II - ESTABLISHMENT AND COMPOSITION OF THE NATIONAL PENSION COMMISSION, ETC. 14 15 16. 17 18 19 Establishment of the National Pension Commission, etc. Object of the Commission. . Membership of the Commission. Tenure of office. Cessation of membership. Emoluments, etc. PART III - FUNCTIONS AND POWERS OF THE COMMISSION 20. 21. 22. Functions of the Commission. Power of the Commission. PART IV - STAFF OF THE COMMISSION Secretary and other staff of the Commission. PART V Funds of the Commission. FINANCIAL PROVISIONS 23. A30 2004 No.2 Pension Reform 24. 25. 26. 27. 28. Estimates. Accounts and Audit. Annual...
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...PESTLE analysis PESTLE ANALYSIS Summary South Korea has been politically stable since becoming a democratic state. However, its relationship with North Korea continues to present a strong challenge. South Korea fell into a brief financial crisis in 1997 due to structural weakness in the banking sector, however strong economic and financial reforms quickly countered the downturn and put the country back on a growth path by the following year. With the opening up of markets after the financial crisis in 1997, the country became one of the largest technology markets in the world. As far as social issues are concerned, the country has low population growth and fertility rates, leading to an ageing population. Furthermore, the country has a highly qualified labor force, which makes it possible to both produce and commercialize advanced technologies. The country is also well equipped with extensive broadband network and telecommunication facilities. Legal procedures in the country are time consuming and complex, which makes it very difficult for foreign investors. The environmental scenario of the country is characterized by the breach of emission standards, which is reaching unreasonable limits in spite of its relatively small area and population in comparison to other countries. Republic of Korea: Country Analysis Report – In-depth PESTLE Insights © Datamonitor. This brief is a licensed product and is not to be photocopied Published 06/2008 Page 11 PESTLE analysis ...
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...President & CEO 6502 (TSE and NSE) Naoto Hasegawa, General Manager, Public Relations & Investor Relations Office Tel: +81-3-3457-2100 Notice on Toshiba’s New Management Team and Measures to Reform of Governance Structure, and Outline of Correction of Past Financial Statements and Financial Forecast Toshiba Corporation (the “Company”), has taken the causal analysis and recommendations on prevention of recurrence contained in the report of the Independent Investigation Committee very seriously, and established a Management Revitalization Committee to intensively discuss a new management team and reform of corporate governance, the members of which Committee include the Company’s four Outside Directors, a certified public accountant and an attorney-at-law, plus independent observers. Today, the Company hereby announces that candidates for the new Board of Directors have been decided, as in Attachment 1, and also announces an outline of the measures for reform of governance structure that have been discussed by the Management Revitalization Committee up to today. The Company is currently taking necessary procedures to correct and restate past financial results, and to finalize financial results for fiscal 2014, following the Company’s receipt and subsequent close examination of the investigation report received from the Independent Investigation Committee on July 20. Now that the outline of amounts to be restated in the past results and the forecast for fiscal 2014...
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...PESTLE analysis PESTLE ANALYSIS Summary South Korea has been politically stable since becoming a democratic state. However, its relationship with North Korea continues to present a strong challenge. South Korea fell into a brief financial crisis in 1997 due to structural weakness in the banking sector, however strong economic and financial reforms quickly countered the downturn and put the country back on a growth path by the following year. With the opening up of markets after the financial crisis in 1997, the country became one of the largest technology markets in the world. As far as social issues are concerned, the country has low population growth and fertility rates, leading to an ageing population. Furthermore, the country has a highly qualified labor force, which makes it possible to both produce and commercialize advanced technologies. The country is also well equipped with extensive broadband network and telecommunication facilities. Legal procedures in the country are time consuming and complex, which makes it very difficult for foreign investors. The environmental scenario of the country is characterized by the breach of emission standards, which is reaching unreasonable limits in spite of its relatively small area and population in comparison to other countries. Republic of Korea: Country Analysis Report – In-depth PESTLE Insights © Datamonitor. This brief is a licensed product and is not to be photocopied Published 06/2008 Page 11 PESTLE...
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...Running Head: THE PROCESS AND PREVENTING THE RISK OF A TAX AUDIT 1 The Process and Preventing the Risk of a Tax Audit By Marivic Engquist National American University August 12, 2012 THE PROCESS AND PREVENTING THE RISK OF A TAX AUDIT 2 Abstract This paper illustrates how an Internal Revenue Service (IRS) audit strikes fears in individuals, small businesses and large corporations. By understanding the process of a tax audit and reporting information that is understandable, people can lesson some of the risk. According to Sidney Weisman, an attorney and senior editor with the Research Institute of America, publisher of tax materials for professionals, “the easiest way to survive a tax examination is to prepare for one at the time you fill out the tax return” (Rankin, 1981, p. 2.29). THE PROCESS AND PREVENTING THE RISK OF A TAX AUDIT 3 The Process of Lessoning the Risk of a Tax Audit The tax audit have been feared by many and embraced by the few. Even though there are ways to reduce the likelihood of an audit, one must understand how the audit process works. If selected, a tax audit usually means corresponding with the IRS, searching through files, and producing records. It can also mean paying additional taxes, interest, or a penalty. Reducing the likelihood of an audit...
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...first instituted back in 1851. The state song, “On Wisconsin”, has a similar theme and represents a progressive state that is consistently moving forward. The Wisconsin school system also claims to have a proud history of progressive education. Wisconsin was granted statehood on May 29, 1848, becoming the 30th state. It was in this same year that Wisconsin first recognized public education, and began dialogue on ways to finance it. Wisconsin Constitution, Article X, Section 3 states that, “The legislature shall provide by law for the establishment of district schools, which shall be as nearly uniform as practicable.” Established school districts were handed the authority to govern the schooling in their region, and were given the power to tax in order to fund school development. According to Maher, Skidmore and Statz (2007) it was decided that the school districts should be funded through local property taxes, which presented further challenges. This created a heavy reliance on local property taxes, leading to frustration for taxpayers. The second major challenge was that all districts were different in size and demographic, therefore this created a disparity between districts in their ability to raise money through taxes. The state was forced to provide financial aid due to the inequity in dollars that could be raised between districts. The state set up financial aid, the Common School Fund or Library Aid. Maher et al. (2007) state that, “Initially, this support was provided...
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...and Public Policy, 4th edition Additional readings as listed on the course outline COURSE PREREQUISITES: Econ 206 and Econ 207 COURSE DESCRIPTION: Public Finance deals with the taxing and spending activities of government. It is alternatively called Public Sector Economics or Public Economics. The focus of the course is on the microeconomic functions of government, and in particular the way that government affects the allocation of resources and the distribution of income. The analysis of the spending activities of government will include a discussion of public goods, externalities, education, welfare programs, Social Security and health care. On the tax side, we will build a framework for tax analysis, and then apply this framework to the personal income tax, the corporation income tax, and other U.S. taxes. COURSE OBJECTIVES: 1. To understand the economic rationale for government involvement in a market economy. 2. To learn about the major sources and uses of revenue in the United States fiscal system. 3. To develop your ability to analyze the equity and efficiency effects of government spending and taxation programs. 4. To learn how economic principles can be applied in an analysis of political decision-making. 5. To understand the...
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...types of federal taxes 1. Income taxes- individual incomes tax and corporate tax 2. Employment taxes- Federal Insurance Contributions Act (FICA) social security, FICA Medicare, and Federal Unemployment Tax Act (FUTA) 3. Estate and Gift taxes- taxes on transfers of property 4. Excise and custom taxes- taxes on transactions such as alcohol, tobacco, gasoline and other B. Value-added tax (VAT) is composed into 2 categories: direct and indirect. 1. Federal taxes on individuals and corporations are direct taxes. 2. VAT is an indirect tax. It is applied to products only not business entities. C. Flat Tax- individuals total income minus an allowance for family size and apply 1 tax rate. This applies to all individuals without any deductions. Senators and representatives presented two proposals (individuals and businesses). The individual is the same as above but with a 17 percent tax rate. The business is the same tax rate of 17 but it would be applied to the businesses gross revenue minus the cost of purchases, wages, salaries, capital equipment, structures, land and pensions. None of these proposals have been effective. D. Fair tax- a consumption tax. Replaces the Internal Revenue Code with the consumption tax. It’s the sales tax the states collect. II. Tax Collections And Penalties A. Tax Audits and Penalties – Some tax payers act illegally by reducing or eliminating their tax obligations. The IRS has adapted to computer technology and the...
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...Country Commerce Japan Released September 2011 The Economist Intelligence Unit 750 Third Avenue New York NY 10017 USA Economist Intelligence Unit The Economist Intelligence Unit is a specialist publisher serving companies establishing and managing operations across national borders. For 60 years it has been a source of information on business developments, economic and political trends, government regulations and corporate practice worldwide. The Economist Intelligence Unit delivers its information in four ways: through its digital portfolio, where the latest analysis is updated daily; through printed subscription products ranging from newsletters to annual reference works; through research reports; and by organising seminars and presentations. The firm is a member of The Economist Group. London Economist Intelligence Unit 26 Red Lion Square London WC1R 4HQ United Kingdom Tel: (44.20) 7576 8000 Fax: (44.20) 7576 8500 E-mail: london@eiu.com Hong Kong Economist Intelligence Unit 60/F, Central Plaza 18 Harbour Road Wanchai Hong Kong Tel: (852) 2585 3888 Fax: (852) 2802 7638 E-mail: hongkong@eiu.com New York Economist Intelligence Unit The Economist Group 750 Third Avenue 5th Floor New York, NY 10017, US Tel: (1.212) 554 0600 Fax: (1.212) 586 0248 E-mail: newyork@eiu.com Geneva Economist Intelligence Unit Boulevard des Tranchées 16 1206 Geneva Switzerland Tel: (41) 22 566 2470 Fax: (41) 22 346 93 47 E-mail: geneva@eiu.com This report can be accessed electronically as...
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...National Tax Journal Vol 49 no. 3 (September 1996) pp. 421-35 CORPORATE TAX COMPLIANCE AND FINANCIAL REPORTING CORPORATE TAX COMPLIANCE AND FINANCIAL REPORTING LILLIAN F. MILLS * Abstract - The tax law provides varying opportunities for tax planning, and firms have competing incentives to consider in planning a tax reporting strategy, including financial reporting effects. I present preliminary results that Internal Revenue Service audit adjustments increase in the excess of book income over taxable income. This is evidence that firms incur additional costs for reporting higher book income than taxable income. I also investigate the relationship between compliance costs and taxes paid. Existing descriptive research emphasizes the social cost burden of such compliance costs. Preliminary results indicate that firms that spend more on tax research and planning report lower tax expense. results that proposed Internal Revenue Service (IRS) audit adjustments increase as the excess of book income over taxable income increases. This is evidence that firms incur additional costs for reporting higher financial statement income than taxable income. I also investigate how the level of conformity varies as the relative incentives for book income versus tax savings change. Tax regimes that require more conformity between book and tax accounting will likely induce higher tax payments than those firms whose incentives to maintain high book income are the greatest. In addition, government...
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...objective examination that is undertaken before corporate entities enter into major transactions such as mergers and acquisitions, issuing new stocks and other securities, project finance, securitization, etc. One of the key objectives of due diligence is to minimize, to the maximum extent practicable, the possibility of there being unknown liabilities or risks. The exercise is the multi-dimensional and involves investigation into the business, tax, financial, accounting and legal aspects of an issuer. Definition of Due Diligence: "Due diligence" is a term used for a number of concepts involving either an investigation of a business or person prior to signing a contract, or an act with a certain standard of care. It can be a legal obligation, but the term will more commonly apply to voluntary investigations. A common example of due diligence in various industries is the process through which a potential acquirer evaluates a target company or its assets for acquisition. * Due diligence can be defined as: 1. The examination of a potential target for merger, acquisition, privatization, or similar corporate finance transaction normally by a buyer. 2. A reasonable investigation focusing on material future matters. 3. An examination being achieved by asking certain key questions, including, how do we buy, how do we structure the acquisition, and how much do we pay? 4. An investigation on the current practices of process and policies. 5. An examination aiming...
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...xM&A Law Firm LEGAL GUIDE TO DOING BUSINESS IN CHINA CONTENT I. OVERVIEW ...................................1 II. FORMING A COMPANY IN CHINA ................................................................2 III. MERGERS AND ACQUISITIONS ................................................................8 IV. TAXATION ...................................12 2011.05 Address: 13th/14th F, Huamin Empire Plaza 726 West Yan An Road, 200050 Shanghai,China Tel: (8621) 52370950 I. OVERVIEW This guide provides foreign investors an overview of the laws and regulations governing business in mainland China. After 30 years law making and reform, in 2010s, China has already promulgated a body of written statutes governing commercial affairs, including company management, employment, making contract etc. There exists an even larger body of implementing regulations and circulars issued by governmental authorities. The law in China often evolves in a piecemeal fashion, with certain regulations applicable experimentally only in certain geographic regions or with the issuance of temporary “interim” regulations that nevertheless have the force of law. The written statutes and regulations are often pitched at a relatively high level of generality, leaving significant discretion to implementing officials. Questions of law are resolved generally directly by the administrative agencies in charge of enforcing those laws, rather than by the courts. V. EMPLOYMENT AND LABOR LAW ......................
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...Asia-Pacific Development Journal Vol. 8, No. 1, June 2001 ISSUES IN TAX REFORMS Azizul Islam* This paper seeks to describe the principles that have guided recent tax reforms in Asian developing countries. It critically examines the purported rationale underlying these reforms and raises some issues connected with these reforms. The paper first discusses the new direction of the perceived role of taxation as a macroeconomic tool and the principles which have formed the basis of recent tax reforms. It then analyses the implications of the application of these principles for the level and structure of taxes. It concludes with a summary of the key issues raised in the paper. Developing countries implemented an array of major economic reforms during the 1980s and the 1990s. Tax reforms formed an integral part of these reforms. The impetus for tax reforms was provided by a number of domestic and external factors (ADB, 1993). The last two decades were marked by a fundamental reassessment in developing countries of the role of the Government in economic development. There was a discernible shift in favour of assigning a greater role to the private sector, including foreign enterprises. This required re-examination of the structure of tax systems. Faced with declining external assistance, many Governments came under pressure to reduce budgetary deficits in the interest of macroeconomic stability. Multilateral development agencies required deficit reduction as a precondition...
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