(1) Where an agreement is reached on the amount involved in transactions with a nonresident residing in a foreign country or a foreign corporation overseas between a resident and a competent authority according to the agreed principles of the tax treaty entered into between Korea and the Contracting party to the Double Taxation Convention (hereinafter referred to as "tax treaties"), the commissioner of a regional tax office or the head of a tax office having jurisdiction over the place for tax payment may adjust the income of the resident for each taxable period.
(2) Matters concerning applications for adjustment of income of a resident and other matters necessary for adjustment pursuant to paragraph (1) shall be prescribed by Presidential Decree.[This Article Wholly Amended by Act No. 9897, Dec. 31, 2009]