Income Tax Act — Article 156-3 (Special Cases concerning Withholding Tax on Bonds, etc. of Nonresident)

Any person who pays interest, etc. of bonds, etc. to the nonresident subject to application of Article 156 (1) or who purchases bonds, etc. from the concerned nonresident (including cases where there is a change in the ownership of bonds, etc. or in the right of receipt of interest income due to donation, repayment, investment, etc. and cases where he/she is entrusted with sale or mediates or renders a service, while excluding cases prescribed by Prescribed by Presidential Decree, such as a repurchase agreement) shall deducts withholding tax in consideration of the holding period of such nonresident, as prescribed by Presidential Decree. <Amended by Act No. 11611, Jan. 1, 2013>[This Article Wholly Amended by Act No. 9897, Dec. 31, 2009]