(1) When a withholding agent for public pension income pays the public pension income for January of the year following the relevant taxable period, he/she shall withhold the amount left over after deducting the income tax withheld and paid during the relevant taxable period from the tax amount calculated by determining the tax base of global income with the amount calculated by applying personal deductions according to the return filed by the relevant pension income earner in accordance with Article 143-6, calculating the tax amount on global income by applying the basic tax rate to the amount calculated as above, and then applying the tax credit for children and the standard tax credit to the tax amount calculated as above. <Amended by Act No. 11611, Jan. 1, 2013; Act No. 12169, Jan. 1, 2014>
(2) In cases falling under paragraph (1), if the aggregate of the amounts deducted for the income tax already withheld and paid during the relevant taxable period, the tax credit for children, and the standard tax credit exceeds the calculated tax on global income, such excess shall be refunded to the relevant pension income earner, as prescribed by President Decree. <Amended by Act No. 12169, Jan. 1, 2014>
(3) Where a withholding agent withholds income tax pursuant to paragraph (1) from a pension income earner who fails to file a return under Article 143-6, he/she shall apply the basic deduction only for the pension income earner him/herself and the standard tax credit. <Amended by Act No. 12169, Jan. 1, 2014>
(4) Where any person who receives public pension income dies during the relevant taxable period, a withholding agent shall make the year-end tax settlement for the public pension income of the deceased person by the end of the second month following the month in which the date of his/her death falls by applying paragraphs (1) through (3) mutatis mutandis. <Amended by Act No. 11611, Jan. 1, 2013>
(5) Deleted. <by Act No. 11611, Jan. 1, 2013>[This Article Wholly Amended by Act No. 9897, Dec. 31, 2009]