ARTICLE 20-3 (PENSION INCOME)

Pension income shall be the income falling under each of the following subparagraphs that accrues in the relevant tax period. <Amended on Jan. 1, 2013, Jan. 1, 2014, Dec. 23, 2014, Dec. 31, 2023> 1. Various pensions received in accordance with the laws on public pensions (hereinafter referred to as "public pension income") 2. The pension obtained when amounts falling under each of the following items are withdrawn in a pension form prescribed by Presidential Decree from a pension account (referring to an account established under the name of "pension savings" as prescribed by Presidential Decree (hereinafter referred to as "pension savings account") or an account established to receive retirement pension as prescribed by Presidential Decree (hereinafter referred to as "retirement pension account"); hereinafter the same shall apply) regardless of the nature of the income (hereinafter referred to as "pension receipt", and withdrawal other than pension receipt shall be referred to as "non-pension receipt") a. Retirement income that has not been withheld at source pursuant to Article 146 (2) b. Pension account contributions for which tax credit has been received pursuant to Article 59-3 c. Amounts increased due to the operating performance of the pension account d. Other income prescribed by Presidential Decree, which has been transferred or deposited into a pension account and on which income tax has been deferred 3. Income prescribed by Presidential Decree, which is similar to the income under subparagraph 2 and is received in a pension form

The amount of pension income shall be the sum of the amounts of income under each subparagraph of paragraph 1 (excluding the amount of income excluded from pension income pursuant to paragraph 2 and the amount of non-taxable income; hereinafter referred to as the "total pension amount"), after applying the pension income deduction under Article 47-2.