Article 81-8 (Penalty Tax for Dishonest Reporting and Use of Business Accounts)

If a business operator falls under any of the following subparagraphs, he/she shall pay, as a penalty tax, an amount determined by the classification of each subparagraph in addition to the determined comprehensive income tax for the relevant tax period. 1. In the case of not using a business account, where it falls under any of the subparagraphs of Article 160-5 (1): 2/1000 of the amount for which the business account was not used. 2. In the case of not reporting a business account pursuant to Article 160-5 (3) (excluding cases where a business account already reported for another business location is used without reporting it for each business location): The greater of the following amounts. a. The amount calculated according to the following calculation formula: <img src="http://www.law.go.kr/flDownload.do?flSeq=54190077" alt="img54190077"> ┌──────────────────────────────────────────┐ │ │ │ Penalty Tax = A × B × 2/1000 │ │ ─── │ │ C │ │ │ │ A: Revenue for the relevant tax period │ B: Unreported period (meaning the number of days from the day following the reporting deadline to the day before the report, during which the business account was not reported within the tax period; if the unreported period spans two or more tax periods, the unreported period shall be applied for each tax period) │ C: 365 (or 366 in a leap year) └──────────────────────────────────────────┘ b. 2/1000 of the total amount of transactions according to the subparagraphs of Article 160-5 (1).