Income Tax Act — Article 144 (Timing and Methods for Withholding from Business Income and Issuance of Withholding Tax Receipt)

(1) When a withholding agent pays business income subject to withholding, he/she shall withhold income tax calculated by applying the withholding tax rate to the amount payable and issue a withholding tax receipt prescribed by Ordinance of the Ministry of Strategy and Finance, stating the amount of such business income and other necessary matters, to a business income earner. <Amended by Act No. 10408, Dec. 27, 2010>

(2) Paragraph (1) shall apply mutatis mutandis to cases where a withholding agent pays service charges prescribed by Presidential Decree.[This Article Wholly Amended by Act No. 9897, Dec. 31, 2009]