(1) If a resident obligated to submit a calculation statement of reserved income of a specific foreign corporation under subparagraph 3 of?Article 34 of the Adjustment of International Taxes Act?(hereafter referred to as "calculation statement" in this paragraph) in accordance with said Article falls under either of the following cases, the resident shall pay a penalty tax of 5/1000 of the reserved income that the specific foreign corporation may distribute as dividends, in addition to the final tax amount on global income for the relevant taxable period: <Amended on Dec. 29, 2020>
1. If the resident fails to submit the calculation statement by the deadline;
2. If the calculation statement submitted is unclear, as prescribed by Presidential Decree, with partial or complete omissions.
(2) The penalty tax mentioned in paragraph (1) shall be applied even when there is no calculated tax on global income.[This Article Newly Inserted on Dec. 31, 2019]