(1) A corporation which intends to change its business year shall report thereon to the head of the tax office having jurisdiction over the place of tax payment within three months from the end date of the immediately preceding business year, as prescribed by Presidential Decree.
(2) Where a corporation fails to file a report by the deadline specified in paragraph (1), the corporation's business year shall be deemed unchanged; provided, for a corporation, the business year of which is determined by statutes, its business year shall be deemed changed at the time the amended provisions concerning the change of the business year in such statutes have effected, although no report is filed under paragraph (1).
(3) Where a business year is changed pursuant to paragraph (1) or the proviso to paragraph (2), the period from the start date of the previous business year to the date preceding the start date of the changed business year shall be deemed one business year; provided, where such period does not exceed one month, it shall be included in the changed business year.[This Article Wholly Amended on Dec. 30, 2010]