(1) Where the competent authorities of the Republic of Korea and the other country agree on the amount of transactions between a domestic corporation and its overseas branch, a non-resident, or any other foreign corporation, in accordance with the relevant mutual agreement under the tax treaties concluded between the Republic of Korea and the other contracting party to prevent double taxation (hereinafter referred to as "tax treaty"), the head of the tax office having jurisdiction over the place of tax payment or the commissioner of the competent regional tax office may adjust the corporation's amount of income for each business year according to such mutual agreement.
(2) In applying paragraph (1), matters necessary for filing an application for adjustment of the amount of income of a domestic corporation, the procedures therefor, and other matters shall be prescribed by Presidential Decree.[This Article Wholly Amended on Dec. 30, 2010]