(1) A domestic corporation whose business years exceed six months is liable to pay corporate tax (hereinafter referred to as "interim tax") on an interim prepayment period among each business year (excluding the first business year after the incorporation of a corporation, where newly incorporated without a merger or division); provided, any of the following corporations are not liable to pay interim tax: <Amended on Dec. 22, 2020; Dec. 31, 2022>
1. Any of the following corporations:(a) An educational foundation that operates a private school defined in Article 3 of the Higher Education Act;(b) Seoul National University established under the Act on Establishing and Administrating Seoul National University;(c) Incheon National University established under the Act on Establishing and Administering Incheon National University;(d) An industry-academia cooperation group under the Industrial Education Enhancement and Industry-Academia-Research Cooperation Promotion Act;(e) School foundations operating private schools referred to in subparagraph 3 of Article 3 of the Elementary and Secondary Education Act;
2. A domestic corporation, which is a small and medium enterprise in the business year immediately preceding the relevant business year, with the amount calculated by formula in Article 63-2 (1) 1 is less than 500,000 won.
(2) The interim prepayment period in paragraph (1) shall be the period from the beginning of the relevant business year to the day six months pass.
(3) A domestic corporation shall pay interim tax, within two months after the expiration of the interim prepayment period, to the tax office having jurisdiction over the place of tax payment, the Bank of Korea (including any of its agents), or a post office (hereinafter referred to as "tax office, etc. having jurisdiction over the place of tax payment") as prescribed by Presidential Decree.
(4) Where the amount of tax payable by a domestic corporation exceeds ten million won, it may be paid in installments by applying mutatis mutandisArticle 64 (2).[This Article Wholly Amended on Dec. 24, 2018]