(1) When a withholding agent who pays business income pursuant to Article 73 (1) 4 (hereinafter referred to as "business income for year-end tax settlement") pays business income for February of the year following the relevant taxable period (where he/she fails to pay business income for February by the end of February or there is no business income for February, it shall be the end of February; hereafter the same shall apply in this Article) or business income for the month in which a contract for transactions with the relevant business entity is cancelled, he/she shall calculate the global income tax based on the tax base of global income which is calculated by making the global income deduction according to the return filed by such business entity pursuant to Article 144-3 from the amount calculated by multiplying the amount of business income in the relevant taxable period by the rate prescribed by Presidential Decree, take a tax credit pursuant to this Act and the Restriction of Special Taxation Act, take the amount left and withhold taxes after deducting the income tax withheld and paid in the relevant taxable period therefrom. <Amended by Act No. 10408, Dec. 27, 2010>
(2) In cases falling under paragraph (1), where income tax to be collected exceeds the amount of business income payable (excluding where there is no business income payable for the following month), such excess shall be collected when business income of the following month is paid. <Amended by Act No. 10408, Dec. 27, 2010>
(3) In cases falling under paragraph (1), where the income tax withheld and paid in the relevant taxable period exceeds the amount calculated by making the tax deduction from the calculated relevant global income tax, such excess shall be refunded to the relevant business entity, as prescribed by Presidential Decree.
(4) Where a withholding agent deducts a withholding tax from a business entity who fails to file a return under Article 144-3 pursuant to paragraph (1), he/she shall apply the basic deduction only for the business entity himself/herself, among basic deduction, and the standard tax credit. <Amended by Act No. 12169, Jan. 1, 2014>
(5) Articles 137-2 and 138 shall apply mutatis mutandis with regard to year-end tax settlement for business income for a person who receives business income for year-end tax settlement from at least two persons, and a person who receives such business income for year-end tax settlement under a contract concluded in the middle of the relevant taxable period. <Newly Inserted by Act No. 10408, Dec. 27, 2010>[This Article Wholly Amended by Act No. 9897, Dec. 31, 2009]