(1) When any person subject to double-entry bookkeeping falls under any of the following cases in relation to transactions receiving or supplying goods or services for his/her business, he/she shall use a business account prescribed by Presidential Decree (hereinafter referred to as "business account"):
1. Where he/she settles accounts or is settled accounts of the price for transactions through a financial company, etc.;
2. Where he/she pays or is paid labor costs or rent: Provided, That the transactions prescribed by Presidential Decree, in which it is difficult to use a business account because of a business partner's status, shall be excluded, among transactions for which he/she pays or is paid labor costs.
(3) Any person subject to double-entry bookkeeping shall report a business account to the head of the tax office having jurisdiction over the place of business of the business entity or over the place for tax payment of the person, within six months from the commencement date of the taxable period in which the person becomes subject to double-entry bookkeeping (the commencement date of the following taxable period, if the person becomes subject to double-entry bookkeeping at the same time when the person commences the business): Provided, That this shall not apply where a business account has already been reported. <Amended by Act No. 10408, Dec. 27, 2010; Act No. 12852, Dec. 23, 2014>
(4) Where a person subject to double-entry bookkeeping changes or adds a business account, he/she shall report such change or addition by the deadline for a final return under Articles 70 and 70-2. <Amended by Act No. 10408, Dec. 27, 2010; Act No. 11146, Jan. 1, 2012; Act No. 11611, Jan. 1, 2013>1. and 2. Deleted. <by Act No. 11146, Jan. 1, 2012>
(5) Matters necessary for reporting, changing, and adding a business account, the method of reporting thereof, the limit of transactions for which a business account is to be used, preparation of a detailed statement, etc., shall be prescribed by Presidential Decree. <Amended by Act No. 10408, Dec. 27, 2010>[This Article Wholly Amended by Act No. 9897, Dec. 31, 2009]