(1) If a joint business entity falls under either of the following cases regarding the registration or report on its place of joint business, it shall pay a penalty tax as described in the following classifications, in addition to the final tax amount on global income for the relevant taxable period:
1. If the entity fails to make a business registration in accordance with Article 87 (3), or a person who is not a joint business entity falsely registers as a joint business entity: 5/1000 of the total amount of income for each taxable period regarding the failed or false registration;
2. If the entity fails to report or falsely reports information required to be reported under Article 87(4) or (5), as prescribed by Presidential Decree: 1/1000 of the total amount of income for each taxable period regarding the failed or false report.
(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]