This paper reviews recent trends and developments in corporation tax reform. First, the integration issues and experiences of major countries are discussed. Then, several major structural reform proposals and experiments, including cash flow corporation income tax, CBIT, ACE and DIT are evaluated. It is not yet certain which is the most promising alternative for Korean business tax reform. It is clear, though, that our review strongly suggests our current system needs fundamental reshaping. Most of all, our tax policy makers should overcome the popular belief : the heavier the tax on business and personal capital income the fairer the overall tax system.