Article 132 (Exclusion of Reduction, etc. of Tax Amount Less Than Minimum Tax Amount)

When calculating the corporate tax (excluding the corporate tax on the gains from the transfer of land, etc. under Article 55-2 of the Corporate Tax Act, the tax amount payable in addition to the corporate tax under Article 96 of the same Act, the corporate tax calculated by applying the special taxation for the promotion of investment, dividends, and win-win cooperation under Article 100-32, additional tax, and the recaptured tax amount prescribed by Presidential Decree; hereinafter referred to as the "corporate tax before tax credit, etc.") on the income of each business year of a domestic corporation (excluding partnership corporations, etc. to which Article 72 (1) applies) and the domestic source income of each business year of a foreign corporation to which Article 91 (1) of the Corporate Tax Act applies, if the tax amount after applying the reduction, etc. prescribed in any of the following subparagraphs is less than the tax amount calculated by multiplying the taxable income (hereinafter referred to as "taxable income" in this Article) by 17 percent [12 percent for the portion where the taxable income exceeds 10 billion won and is 100 billion won or less, 10 percent for the portion where the taxable income is 10 billion won or less, and 7 percent for small and medium-sized enterprises (8 percent for the business year ending within 3 years from the commencement of the business year in which it ceases to be a small and medium-sized enterprise for the first time as prescribed by Presidential Decree, and 9 percent for the business year ending within the subsequent 2 years)] multiplied by 100, which is calculated as the "corporate tax minimum tax amount", the reduction, etc. shall not be applied to the extent of the difference between the tax amount after reduction, etc. and the corporate tax minimum tax amount. 1. Deleted <2019.12.31> 2. Deduction amounts for income, deduction amounts for expenses, non-taxable amounts for income, and non-taxable amounts under Articles 8, 8-2, 10-2, 13, 14, 28, 28-2, 28-3, 28-5, 55-2 (4), 60 (2), 61 (3), 62 (1), 63 (4), and 63-2 (4). 3. Tax credit amounts under Articles 7-2, 7-4, 8-3, 10 (limited to those other than small and medium-sized enterprises; hereinafter the same applies in this Article), 12 (2), 12-3, 12-4, 13-2, 13-3, 19 (1), 24, 25-6 through 25-8, 26, 29-2 through 29-5, 29-7, 29-8, 30-3, 30-4, 31 (6), 32 (4), 99-12, 104-8, 104-14, 104-15, 104-22, 104-25, 104-30, 104-35, 122-4 (1), and 126-7 (8). 4. Exemption and reduction of corporate tax under Articles 6, 7, 12 (1), (3), 12-2, 21, 31 (4), (5), 32 (4), 62 (4), 63, 64, 68, 96, 96-2, 99-9, 102, 121-8, 121-9, 121-17, 121-20 through 121-22, and 121-33. However, the following cases are excluded: a. In the case of a business year where tax is reduced by 100 percent of the corporate tax under Articles 6 (1) or (6), 12-2, 99-9, 121-8, 121-9, 121-17, 121-20 through 121-22, and 121-33. b. In the case of an additional reduction under Article 6 (7). c. In the case of relocation outside the Seoul Metropolitan Area under Article 63. d. In the case of income arising from crop cultivation business under Article 68.

When reductions, etc. enumerated in each subparagraph of paragraphs (1) and (2) and other reductions, etc. are applied simultaneously, the order of application shall be to first apply the reductions, etc. enumerated in each subparagraph of paragraphs (1) and (2).