(1) Where a person subject to simple bookkeeping under Article 160 (3) enters and calculates the amount of income according to double-entry bookkeeping and submits the documents pursuant to Article 70 (4) 3 when filing a final return on the tax base pursuant to Article 70 or 74, the amount equivalent to 20/ 100 of the amount calculated by multiplying the ratio of business income calculated according to the relevant book to global income by the calculated tax on global income shall be deducted from the calculated tax on global income: Provided, That where the amount of tax credit exceeds one million won, one million won shall be deducted.
(2) Tax credit pursuant to paragraph (1) (hereinafter referred to as "tax credit for bookkeeping") shall not apply for the following persons:
1. Where a person files a return on his/her income omitting 20/100 or more of his/her income to be reported according to the book kept and entered;
2. Where a person fails to keep the books and supporting documents concerning the tax credit for bookkeeping for five years from the end of the period for a final return on the tax base: Provided, That this shall not apply where he/she has unavoidable causes prescribed by Presidential Decree, such as a natural disaster.
(3) Matters necessary concerning the tax credit for bookkeeping shall be prescribed by Presidential Decree.[This Article Wholly Amended by Act No. 9897, Dec. 31, 2009]