Corporate Tax Act — Article 40 (Business year in which gross income and deductible expenses accrue)

(1) The business year in which gross income and deductible expenses of a domestic corporation accrue shall be the business year which includes the date the relevant gross income and deductible expenses are settled.

(2) Matters necessary for the scope of the business year in which gross income and deductible expenses accrue under paragraph (1) and other matters shall be prescribed by Presidential Decree.[This Article Wholly Amended on Dec. 30, 2010]