(1) If a business entity (referring to only a business entity that supplies goods or services primarily to consumers other than a business entity, as prescribed by Presidential Decree) falls under either of the following cases, it shall pay 5/1000 of the amount of undeclared or under-declared income as a penalty tax, in addition to the final tax amount on global income for the relevant taxable period:
1. If the entity fails to submit a report on the present status of its place of business;
2. If the entity declares less than the amount required to be declared under Article 78 (2) (or the amount of income from tax-exempt business, etc., if it is deemed to have filed a report on the present status of its place of business under paragraph (1) 2 of the same Article).
(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]