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64-765: In 1978–2009, the Korea Creative Content Agency was established with the merger of several South Korean government organizations such as the Korea Broadcasting Institute, the Korean Game Industry Agency and the Culture and Content Agency. In 1986–2013, the agency signed a memorandum of understanding with King Sejong Institute (a state-supported institution that teaches Korean) to introduce hallyu content as part of Korean language classes. In 2009, The Korea Creative Content Agency

128-464: A broadcast calendar as the basis for their fiscal year. Fiscal years' names are often shortened based on the year in which they end ; for example, "fiscal year 2023-2024" and "FY24" are synonymous. The fiscal year for individuals and entities to report and pay income taxes is often known as the taxpayer's tax year or taxable year. Taxpayers in many jurisdictions may choose their tax year. Some federal countries, such as Canada and Switzerland, require

192-443: A January–December financial year, becoming the first Indian state to do so. But later it dropped the idea due to Many financial & accounting error. In Indonesia , since 2001, the fiscal year is the calendar year, 1 January to 31 December. Until 2000, the fiscal year ran from 1 April to 31 March; fiscal year 2000 ran from 1 April to 31 December. In Iran , the fiscal year usually starts on 21st or 22 March (1st of Farvardin in

256-546: A few thousand each are employed by the national legislative and judicial branches; the overwhelming majority are employed in the various ministries of the executive branch. The size of the civil service increased steadily from the 1950s to the late 1990s, but has dropped slightly since 1995 The civil service, not including political appointees and elected officials, is composed of career civil servants and contract civil servants. Contract servants are typically paid higher wages and hired for specific jobs. Career civil servants make up

320-486: A fiscal year basis, but others are charged on an anniversary basis. Some companies, such as Cisco Systems , end their fiscal year on the same day of the week each year: the day that is closest to a particular date (for example, the Friday closest to 31 December). Under such a system, some fiscal years have 52 weeks and others 53 weeks. The calendar year is used as the fiscal year by about 65% of publicly traded companies in

384-505: A position in civil service, it is usually necessary to pass one or more difficult examinations. Positions have traditionally been handed out based on seniority, in a complex graded system; however, this system was substantially reformed in 1998. There are more than 800,000 civil servants in South Korea today. More than half of these are employed by the central government; only about 300,000 are employed by local governments. In addition, only

448-484: A resolution of impeachment is passed by the legislature, it is sent to the judiciary for a final decision. At the national level, the legislative branch consists of the National Assembly of South Korea . This is a unicameral legislature; it consists of a single large assembly. Most of its 300 members are elected from-member constituencies; however, 56 are elected through proportional representation . The members of

512-400: A year ending 30 June on the following dates: Victoria changed in 1870, South Australia in 1874, Queensland in 1875, Western Australia in 1892, New South Wales in 1895 and Tasmania in 1904. The Commonwealth adopted the near-ubiquitous financial year standard since its inception in 1901. The reason given for the change was for convenience, as Parliament typically sits during May and June, while it

576-614: Is basically a presidential system yet with certain aspects of parliamentary cabinet system combined, the Cabinet of the Republic of Korea also is a combination of both systems. More specifically, the Korean Cabinet performs policy resolutions as well as policy consultations to the President. Reflecting that the Republic of Korea is basically a presidential republic the Cabinet resolutions cannot bind

640-545: Is led by a minister-level Prosecutor General. The Minister of Strategy and Finance and the Minister of Education, by law, automatically assume the positions of Deputy Prime Ministers of the Republic of Korea. The respective ministers of the below ministries assume the President's position in the below order, if the President cannot perform his/her duty and the Prime Minister cannot assume the President's position. Also note that

704-509: Is not required to be a member of the National Assembly. The Prime Minister is assisted in his/her duties by the Prime Minister's Office which houses both the Office for Government Policy Coordination and the Prime Minister's Secretariat ( 국무총리비서실 ; 國務總理祕書室 ), the former of which is headed by a cabinet-level minister and the latter by a vice minister-level chief of staff. if the president

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768-641: Is organized into two groups. One is the Constitutional Court which is the highest court on adjudication of matters on constitutionality , including judicial review and constitutional review . Another is ordinary courts on matters except jurisdiction of Constitutional Court . These ordinary courts are regarding the Supreme Court as the highest court. Both the Chief Justice of the Supreme Court and

832-586: Is similar to those cabinets in strict parliamentary cabinet systems. The official residence and office of the President of the Republic of Korea is the Blue House , located in Jongno District , Seoul. The name "Cheongwadae" literally means "the house with blue-tiled roof" and is named as such due to its appearance. In addition to the Office of the President, Cheongwadae also houses the Office of National Security and

896-399: Is unable to fulfill his duties, the Prime Minister assumes the president's powers and takes control of the state until the President can once again fulfill his/her duties or until a new president is elected. If they are suspected of serious wrongdoing, the president and cabinet-level officials are subject to impeachment by the National Assembly. Once the National Assembly votes in favor of

960-457: The Constitution of South Korea as the executive, legislative and judicial authority of the republic. The president acts as the head of state and is the highest figure of executive authority in the country, followed by the prime minister and government ministers in decreasing order. The Executive and Legislative branches operate primarily at the national level, although various ministries in

1024-694: The President of the Constitutional Court have equivalent status as two heads of the judiciary branch in South Korea. Elections in South Korea are held on national level to select the President and the National Assembly . South Korea has a multi-party system, with two dominant parties and numerous third parties. Elections are overseen by the Electoral Branch of the National Election Commission . The most recent presidential election

1088-590: The Presidential Security Service to assist the President. Currently, 18 ministries exist in the South Korean government. The 18 ministers are appointed by the President and report to the Prime Minister. Also, some ministries have affiliated agencies (listed below), which report both to the Prime Minister and to the minister of the affiliated ministry. Each affiliated agency is headed by a vice-minister-level commissioner except Prosecution Service which

1152-573: The Solar Hejri calendar ) and concludes on next year's 20th or 21 March (29th or 30th of Esfand in the Solar Hijri calendar ). In Ireland , the fiscal year is the calendar year, 1 January to 31 December. Until 2001, it was the year ending 5 April, as in the United Kingdom, but was changed with the introduction of the euro . The 2001 tax year was nine months, from April to December. In Israel ,

1216-523: The Cabinet be composed of between 15 and 30 members including the Chairperson, and currently the Cabinet includes the President, the Prime Minister, the Vice Prime Minister (the Minister of Strategy and Finance), and the cabinet-level ministers of the 17 ministries. The Constitution designates the President as the chairperson of the Cabinet and the Prime Minister as the vice chairperson. Nevertheless,

1280-487: The Chairperson of Korea Fair Trade Commission ( 공정거래위원장 ; 公正去來委員長 ), the Chairperson of Financial Services Commission ( 금융위원장 ; 金融委員長 ), the Mayor of Seoul , and other officials designated by law or deemed necessary by the Chairperson of the Cabinet can also attend the Cabinet meetings and speak in front of the Cabinet without the right to vote on the matters discussed in the meetings The Mayor of Seoul, although being

1344-464: The Constitution and the affiliated laws of the Republic of Korea stipulates only so far as the Prime Minister and the 17 ministers as those who can assume the President's position. Moreover, if the Prime Minister cannot perform his/her duty the Vice Prime Minister will assume the Prime Minister's position, and if both the Prime Minister and the Vice Prime Minister cannot perform the Prime Minister's role

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1408-477: The National Assembly serve for four years; if a member is unable to complete his or her term, a by-election is held. The National Assembly is charged with deliberating and passing legislation , auditing the budget and administrative procedures, ratifying treaties, and approving state appointments. In addition, it has the power to impeach or recommend the removal of high officials. The Assembly forms 17 standing committees to deliberate matters of detailed policy. For

1472-413: The National Assembly. The executive branch is headed by the president . The president is elected directly by the people, and is the only elected member of the national executive. The president serves for one five-year term; additional terms are not permitted. The president is head of state , head of government and commander-in-chief of the South Korean armed forces. The president is vested with

1536-760: The Persian or Solar Hijri calendar used in Afghanistan at the time. Following transfer of power to the Taliban administration in September 2021, Afghanistan abandoned the Solar Hijri calendar in favour of the Lunar Hijri calendar . The fiscal cycle was restarted with effect from 1   Muharram 1444 AH (30   July 2022) In Australia , a fiscal year is commonly called a "financial year" (FY) and starts on 1 July and ends on

1600-483: The President can either pick one of the 17 ministers to assume the Prime Minister's position or let the 17 ministers assume the position according to the below order. The commissioner of National Tax Service, a vice-minister-level official by law, is customarily considered to be a minister-level official due to the importance of National Tax Service. For example, the vice-commissioner of the agency will attend meetings where other agencies would send their commissioners, and

1664-422: The Prime Minister frequently holds the meetings without the presence of the President as the meeting can be lawfully held as long as the majority of the Cabinet members are present at the meeting. Also, as many government agencies have moved out of Seoul into other parts of the country since 2013, the need to hold Cabinet meetings without having to convene in one place at the same time has been growing, and therefore

1728-615: The UK calendar despite being listed in India. Companies following Indian fiscal year get to know their economic health on 31 March of every Indian financial or fiscal year. The current fiscal year was adopted by the colonial British government in 1867 to align India's financial year with that of the British Empire. Prior to 1867, India followed a fiscal year that ran from 1 May to 30 April. On 4 May 2017, Madhya Pradesh announced that it would move to

1792-474: The United States and for most large corporations in the United Kingdom. That is the case in many countries around the world with a few exceptions such as Australia, New Zealand, and Japan. Many universities have a fiscal year which ends during the summer to align the fiscal year with the academic year (and, in some cases involving public universities, with the state government's fiscal year) and also because

1856-474: The basis of the competitive rates of pay in the private sector . Fiscal year A fiscal year (also known as a financial year , or sometimes budget year ) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis but generally with

1920-432: The bulk of the civil service, and are arranged in a nine-tiered system in which grade 1 is occupied by assistant ministers and grade 9 by the newest and lowest-level employees. Promotions are decided by a combination of seniority, training, and performance review. Civil servants' base salary makes up less than half of their annual pay; the remainder is supplied in a complex system of bonuses. Contract civil servants are paid on

1984-429: The calendar year. Significant exceptions include: Many jurisdictions require that the tax year conform to the taxpayer's fiscal year for financial reporting. The United States is a notable exception: taxpayers may choose any tax year, but must keep books and records for such year. In some jurisdictions, particularly those that permit tax consolidation , companies that are part of a group of businesses must use nearly

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2048-471: The chief executive of each district is locally elected, deputy executives are still appointed by the central government. It is these deputy officials who have detailed authority over most administrative matters. The South Korean civil service is managed by the Ministry of Personnel Management . This is large, and remains a largely closed system, although efforts at openness and reform are ongoing. In order to gain

2112-625: The commissioner of the agency will attend meetings where minister-level officials convene. The following agencies report directly to the President: The following councils advise the president on pertinent issues: The following agencies report directly to the Prime Minister: The Independent Central Administrative Agencies are Until 2013, almost all of the central government agencies were located in either Seoul or Gwacheon government complex, with

2176-408: The end of a week (e.g., 52 or 53 weeks in length, and therefore is not exactly one calendar year in length), or opt for its financial year to end on a date that matches the reporting cycle of its foreign parent. All entities within the one group must use the same financial year. For government accounting and budget purposes, pre- Federation colonies changed the financial year from the calendar year to

2240-502: The exception of a few agencies located in Daejeon government complex. Considering that Gwacheon is a city constructed just outside Seoul to house the new government complex, virtually all administrative functions of South Korea were still concentrated in Seoul. It has been decided, however, that government agencies decide if they will relocate themselves to Sejong Special Self-Governing City , which

2304-405: The exception of the short-lived Second Republic of South Korea , the country has always had a relatively independent chief executive in the form of a president. As with most stable three-branch systems, a careful system of checks and balances is in place. For instance, the judges of the Constitutional Court are partially appointed by the executive, and partially by the legislature. Likewise, when

2368-504: The executive branch also carry out local functions. Local governments are semi-autonomous and contain executive and legislative bodies of their own. The judicial branch operates at both the national and local levels. The South Korean government's structure is determined by the Constitution of the Republic of Korea . This document has been revised several times since its first promulgation in 1948 (for details, see History of South Korea ). However, it has retained many broad characteristics; with

2432-593: The experience of authoritarian governments under the First , Third , and Fourth Republics. The president is assisted in his or her duties by the Prime Minister of South Korea as well as the Presidential Secretariat . The Prime Minister is appointed by the president upon the approval of the National Assembly, and has the power to recommend the appointment or dismissal of the Cabinet ministers. The officeholder

2496-551: The fiscal year is 1 July to 30 June. In France , the fiscal year is the calendar year, 1 January to 31 December, and has been since at least 1911. In Germany, the fiscal year runs from 1 January until 31 December. In Greece , the fiscal year is the calendar year, 1 January to 31 December. In Hong Kong , the government's financial year runs from 1 April to 31 March. However, a company incorporated in Hong Kong can determine its own financial year-end, which may be different from

2560-485: The fiscal year is the calendar year, 1 January to 31 December. In Italy , the fiscal year is the calendar year, 1 January to 31 December. It was changed in 1965, before which it was 1 July to 30 June. In Japan , the government's financial year is from 1 April to 31 March. Japan's income tax year is 1 January to 31 December, but corporate tax is charged according to the corporation's own annual period; most Japanese corporations elect their annual period to follow

2624-407: The fiscal year is the calendar year, 1 January to 31 December. In Bulgaria , the fiscal year is the calendar year, 1 January to 31 December, both for personal income tax and for corporate taxes. In Canada , the government's financial year is 1 April to 31 March. (Q1 1 April – 30 June, Q2 1 July – 30 Sept, Q3 1 Oct – 31 Dec and Q4 1 Jan – 31 Mar) For individual taxpayers,

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2688-434: The fiscal year is the calendar year, 1 January to 31 December. In China , the fiscal year for all entities is the calendar year, 1 January to 31 December, and applies to the tax year, statutory year, and planning year. In Colombia , the fiscal year is the calendar year, 1 January to 31 December. In Costa Rica , the fiscal year is the calendar year. January to December. As of 2019 when the tax laws changed. In Egypt ,

2752-427: The government fiscal year (1 April to 31 March). In Lithuania , the fiscal year is the calendar year, 1 January to 31 December. In Macau , the government's financial year is 1 January to 31 December. In Malaysia , the tax year for individuals is the calendar year, from 1 January to 31 December. The Companies Act 2016 does not state when the fiscal year must start for companies, so businesses are free to choose

2816-572: The government fiscal year. In India , the government's financial year runs from 1 April to 31 March the following year. The financial year from 1 April 2024 to 31 March 2025 would generally be abbreviated as FY 2024-25 or( FY24-25) ( FY2024/25),(FY2024/2025),(FY24/25), but it may also be called FY 2025 or FY25 on the basis of the ending year. Companies following the Indian Depositary Receipt (IDR) are given freedom to choose their financial year. For example, Standard Chartered's IDR follows

2880-522: The head of a local autonomous region in South Korea and not directly related to the central executive branch, has been allowed to attend the Cabinet meeting considering the special status of Seoul (Special City) and its mayor (the only cabinet-level mayor in Korea). The Cabinet of the Republic of Korea performs somewhat different roles than those of many other nations with similar forms. As the Korean political system

2944-411: The impeachment the Constitutional Court should either confirm or reject the impeachment resolution, once again reflecting the system of checks and balances between the three branches of the government. The State Council is the highest body and national cabinet for policy deliberation and resolution in the executive branch of the Republic of Korea. The Constitution of the Republic of Korea mandates that

3008-419: The judicial branch. It also does not yet extend to many other areas, including fire protection and education, which are managed by independent national agencies. Local governments also have very limited policy-making authority; generally, the most that they can do is decide how national policies will be implemented. However, there is some political pressure for the scope of local autonomy to be extended. Although

3072-425: The law has been amended to allow Cabinet meetings in a visual teleconference format. Although not the official members of the Cabinet, the chief presidential secretary ( 대통령비서실장 ; 大統領祕書室長 ), the Minister of the Office for Government Policy Coordination ( 국무조정실장 ; 國務調整室長 ), the Minister of Government Legislation ( 법제처장 ; 法制處長 ), the Minister of Food and Drug Safety ( 식품의약품안전처장 ; 食品醫藥品安全處長 ),

3136-439: The most part, these coincide with the ministries of the executive branch. Bills pass through these committees before they reach the floor. However, before they reach committee, they must already have gained the support of at least 20 members, unless they have been introduced by the president. To secure final passage, a bill must be approved by a majority of those present; a tie vote defeats the bill. After passage, bills are sent to

3200-460: The national government. However, since the elections of 1995, a degree of local autonomy has been restored. Local magistrates and assemblies are elected in each of the primary and secondary administrative divisions of South Korea , that is, in every province, metropolitan or special city, and district. Officials at lower levels, such as eup and dong , are appointed by the city or county government. As noted above, local autonomy does not extend to

3264-545: The national party-vote reaching over 3.00% on a proportional basis or ii) more than 5 members of their party being elected in each of their first-past-the-post election constituencies. Local autonomy was established as a constitutional principle of South Korea beginning with the First Republic. However, for much of the 20th century this principle was not honored. From 1965 to 1995, local governments were run directly by provincial governments, which in turn were run directly by

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3328-402: The next 30 June. Financial years are designated by the calendar year of the second half of the period. For example, financial year 2025 is the 12-month period ending on 30 June 2025 and can be referred to as FY2024/25. It is used for official purposes, by individual taxpayers and by the overwhelming majority of business enterprises. Business enterprises may opt to use a financial year that ends at

3392-463: The power to declare war, and can also propose legislation to the National Assembly. The president can also declare a state of emergency or martial law, subject to the Assembly's subsequent approval. The President can veto bills, subject to a two-thirds majority veto override by the National Assembly. However, the president does not have the power to dissolve the National Assembly. This safeguard reflects

3456-454: The president for approval; they must be approved within 15 days. Each year, the budget bill is submitted to the National Assembly by the executive. By law, it must be submitted at least 90 days before the start of the fiscal year , and the final version must be approved at least 30 days before the start of the fiscal year. The Assembly is also responsible for auditing accounts of past expenditures, which must be submitted at least 120 days before

3520-410: The president's decision, and in this regard, the Korean Cabinet is similar to those advisory counsels in strict presidential republics. At the same time, however, the Constitution of the Republic of Korea specifies in details 17 categories including budgetary and military matters, which necessitates the resolution of the Cabinet in addition to the President's approval, and in this regard the Korean Cabinet

3584-434: The provincial or cantonal tax year to align with the federal year. In the United States, most states retained a 30 June fiscal year-end date when the federal government switched to 30 September in 1976. Nearly all jurisdictions require that the tax year be 12 months or 52/53 weeks. However, short years are permitted as the first year or when changing tax years. Most countries require all individuals to pay income tax based on

3648-460: The reporting period not aligning with the calendar year (1 January to 31 December). Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxes , such as income tax. Many annual government fees—such as council tax and license fees, are also levied on

3712-465: The same fiscal year (differences of up to three months are permitted in some jurisdictions, such as the US and Japan), with consolidating entries to adjust for transactions between units with different fiscal years, so the same resources will not be counted more than once or not at all. In Afghanistan , from 2011 to 2021, the fiscal year began on 1   Hamal (20th or 21 March). The fiscal year aligned with

3776-522: The start of the fiscal year. Sessions of the Assembly may be either regular (once a year, for no more than 100 days) or extraordinary (by request of the president or a caucus, no more than 30 days). These sessions are open-door by default but can be closed to the public by majority vote or by decree of the Speaker. In order for laws to be passed in any session, a quorum of half the members must be present. Currently, seven political parties are represented in

3840-607: The university is normally less busy during the summer months. In the Northern Hemisphere , that is July to the next June. In the Southern Hemisphere , that is the calendar year, January to December. In a similar fashion, many nonprofit performing arts organizations will have a fiscal year which ends during the summer, so that their performance season that begins in the fall and ends in the spring will be within one fiscal year. Some media/communication-based organizations use

3904-1083: Was created from territory comprising South Chungcheong Province , so that government agencies are better accessible from most parts of South Korea and reduce the concentration of government bureaucracy in Seoul. Since the plan was announced, 22 agencies have moved to the new government complex in Sejong. The following agencies will settle in the Government Complex Seoul : The following agencies will settle in Seoul, but in separate locations: The following agencies will settle in Government Complex Gwacheon: The following agencies will settle in Government Complex, Daejeon : The following agencies will settle in Government Complex Sejong: The following agencies will settle in separate locations: The judicial branch of South Korea

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3968-451: Was difficult for it to meet in November and December to pass a budget. The Financial year is split into four quarters which cover the following periods: In Austria , the fiscal year is the calendar year, 1 January to 31 December. In Bangladesh , the fiscal year is 1 July to the next 30 June. In Belarus , the fiscal year is the calendar year, 1 January to 31 December. In Brazil ,

4032-418: Was held on 9 March 2022. The president is directly elected for a single five-year term by plurality vote. The National Assembly has 300 members elected for a four-year term, 253 in single-seat constituencies and 47 members by proportional representation . Each individual party intending to represent its policies in the National Assembly must be qualified through the assembly's general election by either: i)

4096-515: Was used by Ministry of Culture, Sports and Tourism that agency made a separate department. The agency's headquarters are located at Naju in South Jeolla Province and its current President is Jo Hyunrae. South Korean government [REDACTED] [REDACTED] [REDACTED] The government of South Korea is the national government of the Republic of Korea , created by

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