(1) Where a domestic corporation loses at least 20/100 of the total amount of its assets prescribed by Presidential Decree for each business year (hereafter referred to as "total amount of assets" in this Article) due to any natural disaster or other accident (hereinafter referred to as "disaster") and it is deemed impractical for the domestic corporation to pay tax, the amount calculated by multiplying any of the following amounts of corporate tax by the ratio of the value of the lost assets to the total amount of assets prior to the loss (limited to the value of lost assets) shall be deducted from the amount of tax; in such cases, the value of land shall not be included in the value of the assets: <Amended on Dec. 22, 2020>
1. Corporate tax which is not imposed, or unpaid after imposition as at the date of the occurrence of the disaster;
2. Corporate tax on income for the business year which includes the date of the occurrence of the disaster.
(2) A domestic corporation that intends to obtain a tax credit under paragraph (1) shall file an application with the head of the tax office having jurisdiction over the place of tax payment, as prescribed by Presidential Decree.
(3) Upon receipt of an application for a corporate tax credit referred to in paragraph (1) 1 (excluding corporate tax, the filing deadline of which has not passed) filed pursuant to paragraph (2), the head of the tax office having jurisdiction over the place of tax payment shall determine the amount of the tax credit and notify the relevant corporation thereof.
(4) In applying paragraphs (1) through (3), the calculation of the percentage of assets lost, granting tax credits for disasters, and other necessary matters, shall be prescribed by Presidential Decree.[This Article Wholly Amended on Dec. 30, 2010]