Enforcement Decree Of The Government Enterprise Budget Act

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month, or Get a Day Pass for only USD$9.99.
law view
 Article 1 (Purpose)   print
The purposes of this Enforcement Decree are to prescribe matters delegated by the Act on Budget of Government Enterprises and matters necessary for enforcement of the Act.
law view
 Article 2 (Scope of Business)   print
The scope of each business prescribed in Article 2 of the Act on Budget of Government Enterprises (hereinafter referred to as the "Act") shall be as follows:
1. Postal business: postal business of the government and incidental business thereto;
2. Post office deposits business: post office deposits business of the government and incidental business thereto;
3. Grain management business: grain management business of the government and incidental business thereto;
4. Procurement business: procurement business of the government and incidental business thereto.
law view
 Article 3 (Increase or Decrease of Net Assets)   print
(1) The head of the relevant central government agency shall, when he/she intends to increase or decrease net assets of special accounts under Article 10 of the Act, submit a written request for increase or decrease of net assets to and obtain approval of the Minister of Strategy and Finance.
(2) When the Minister of Strategy and Finance has approved increase or decrease of net assets of the special accounts under paragraph (1), he/she shall notify the Board of Audit and Inspection of such approval.
law view
 Article 4 (Substitutional Agency)   print
The term "substitutional agency prescribed by Presidential Decree" in Article 12 of the Act refers to the National Agricultural Cooperative Federation under the Agricultural Cooperatives Act.
law view
 Article 5 (Holding and Managing of Revolving Fund)   print
When special accounts intend to hold and manage the revolving fund under Article 13 (2), the head of the relevant central government agency shall formulate a management plan, including the size and purpose, etc. of the revolving fund, and obtain approval of the Minister of Strategy and Finance until January, 3 of each year. This shall also apply to cases where special accounts intend to mutually change by not less than 30/100 of detailed items of the revolving funds and manage them.
law view
 Article 6 (Statement of Increase or Decrease in Inventory)   print
A statement of increase or decrease in the inventory attached by the head of the relevant central government agency under subparagraph 4 of Article 17 of the Act shall include matters in the following subparagraphs:
1. Inventory condition and estimated inventory as of the end of the year before the previous year;
2. Plan of supply and demand of stored goods of the relevant year;
3. Estimated inventory as of the end of the relevant year.
law view
 Article 7 (Expenditure Incurred in Generating Revenue)   print
When the head of the relevant central government agency intends to use the excess revenue under Article 19 (2) of the Act, he/she shall submit the statements referred to in the following subparagraphs to the Minister of Strategy and Finance:
1. A statement of excess revenue;
2. A statement of expenses directly related to excess revenue;
3. Documents necessary for specifying details of used excess revenue.
law view
 Article 8 (Re-appropriation of Budget)   print
The scope of re-appropriation of expenses referred to in each paragraph or item of the annual expenditure budget by the head of the relevant central government agency under Article 20 (1) of the Act shall be determined by the Minister of Strategy and Finance each fiscal year.
law view
 Article 9 (Transfer of Accumulated Funds or Surplus into General Accounts)   print
(1) When it is necessary to transfer the accumulated funds or surplus of special accounts into general accounts under the proviso to Article 21 of the Act, the Minister of Strategy and Finance shall draft a statement of transfer of accumulated fund or surplus in consultation with the head of the relevant central government agency, and obtain approval of the President after undergoing deliberation of the State Council.
(2) The statement of transfer of accumulated funds or surplus under paragraph (1) shall be accompanied by the statement of change in net assets of the special accounts in the relevant year.
ADDENDA
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 2009.
Article 2 (Abolished Acts and Subordinate Statues)
The provisions concerning designation of a substitutional agency under Article 19-2 of the Enterprise Budget and Accounts Act shall be abolished.
Article 3 Omitted.
Article 4 (Relation with other Acts and Subordinate Statues)
In cases where other Acts and subordinate statues cite the previous Enforcement Decree of Enterprise Budget and Accounts Act or its provisions at the time this Decree enters into force, when provisions equivalent to such provisions exists in this Decree, it shall be deemed that this Decree or the equivalent provisions of this Decree are cited, in lieu of the previous provisions.