(1) Where provisions regarding corporate tax reductions or exemptions and provisions regarding tax credits are concurrently applicable where this Act or any other statute applies, the priority of applicability is as follows, except as otherwise provided for in this Act. In such cases, where the aggregate of the amounts referred to in subparagraphs 1 and 2 exceeds the amount of corporate tax payable by a corporation (excluding corporate tax on capital gains on the transfer of land, etc. under Article 55-2, corporate tax computed by applying special tax provisions for promoting investment and collaborative cooperation under Article 100-32 of the Act on Restriction on Special Cases concerning Taxation, and penalty tax), the excess shall be deemed nil: <Amended on Dec. 23, 2014; Dec. 19, 2017; Dec. 24, 2018>
1. Tax reductions and exemptions (including exemptions) of the amount of tax on income for each business year;
2. Tax credits which are not entitled to be carried forward;
3. Tax credits which are entitled to be carried forward. In such cases, where both a tax credit granted during the relevant business year and a tax credit carried forward exist, the tax credit carried forward shall be deducted first;
4. Tax credits referred to in Article 58-3. In such cases, when both a tax credit and a tax credit carried forward exist, the tax credit carried forward shall be deducted first.
(2) The amount of a tax reduction or exemption referred to in paragraph (1) 1 shall be the amount computed by multiplying the calculated amount (in cases of a tax reduction, the amount computed by multiplying the calculated amount by the relevant reduction rate) of tax (excluding the amount of corporate tax on capital gains on the transfer of land, etc., under Article 55-2, the amount of corporate tax on unappropriated earnings under Article 56 and the amount of corporate tax computed by applying special tax provisions for promoting investment and collaborative cooperation under Article 100-32 of the Act on Restriction on Special Cases concerning Taxation) by the ratio (100/100, where the ratio exceeds 100/100) of the amount of income partially or fully exempted to the tax base, except as otherwise provided in this Act. <Amended on Dec. 23, 2014; Dec. 19, 2017; Dec. 24, 2018>[This Article Wholly Amended on Dec. 30, 2010]