(1) Where a foreign corporation who is a real beneficiary of the domestic source income referred to in Article 93 intends to apply for the restrictive tax rates stipulated under the tax treaties, it shall submit an application of restrictive tax rates and a document proving to be a real beneficiary of domestic source income (hereafter in this Article referred to as "application, etc.") to a person liable for withholding referred to in Article 98 (1) (hereafter in this Article, referred to as "person liable for withholding"), as prescribed by Presidential Decree. In such cases, where a foreign investment scheme deemed a real beneficiary of the domestic source income as it falls under Article 93-2 (1) 1, it shall submit a report on the foreign investment scheme, including the status of investors by country which have invested in the foreign investment scheme. <Amended on Dec. 24, 2018; Dec. 22, 2020; Dec. 31, 2022>
(2) Upon applying paragraph (1), where the relevant domestic source income is paid through an foreign investment vehicles, the relevant foreign investment vehicle shall, as prescribed by Presidential Decree, receive an application, etc. from the substantive owner and submit it to the withholding agent along with a report on the foreign investment vehicle including details of the application for reduced tax rate. <Amended on Dec. 24, 2018; Dec. 31, 2022>
(3) A withholding agent who has received an application, etc. from a real beneficiary or foreign investment scheme pursuant to paragraph (1) or (2) may request supplementation if there are omissions or deficiencies in the submitted application, etc.; if the withholding agent fails to receive an application, etc. from a real beneficiary or foreign investment scheme or a report on a foreign investment scheme or is unable to identify a real beneficiary with the document received, or in cases of any other ground specified by Presidential Decree, the withholding agent shall withhold the amount referred to in the subparagraphs of Article 98 (1) without applying the restrictive tax rates. <Amended on Dec. 31, 2022>
(4) Where there is an error in the limited tax rate applied pursuant to paragraphs (1) and (2), or a real beneficiary who has not been applied with the limited tax rate pursuant to paragraph (3) intends to apply the limited tax rate, within five years from the 11th of the month immediately following the month in which the date on which the tax amount was withheld falls under paragraph (3), the real beneficiary or the person liable for withholding tax may request correction from the head of the tax office having jurisdiction over the place of tax payment of the withholding person, as prescribed by Presidential Decree; provided, if any ground falling under any subparagraph of Article 45-2 (2) of the Framework Act on National Taxes arises, a request for rectification may be filed within three months from the date on which the relevant ground occurs, notwithstanding the main clause. <Amended on Jan. 1, 2014; Dec. 20, 2016; Dec. 31, 2019; Dec. 31, 2023>
(5) Upon receipt of an application for correction under paragraph (4), the head of a tax office shall correct the tax base and the tax amount or shall notify the applicant that no ground exists for such correction, within six months from the filing date of the application.
(6) Except as otherwise provided in paragraphs (1) through (5), the methods and procedures for the submission of relevant documents, such as an application, etc. and a report on foreign investment schemes, the duty to preserve the documents presented, the methods and procedures for filing a request for correction, and other matters necessary for application of restrictive tax rates shall be prescribed by Presidential Decree. <Amended on Dec. 31, 2022>[This Article Added on Dec. 31, 2011]