(1) If a a resident or nonresident who issues a donation receipt [including electronic donation receipt as defined in Article 75-4 (2) of the Corporate Tax Act?(hereinafter referred to as "electronic donation receipt"); hereinafter collectively referred to as “donation receipt”] required to include the donation in necessary expenses or deductible expenses under?Article 34?of this Act or?Article 24 of the Corporate Tax Act?or to receive a tax credit for the donation under?Article 59-4?(4) falls under any of the following cases, 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: <Amended on Dec. 29, 2020>
1. If a donation receipt is issued with false information (including cases where important details such as the donation amount or the donor’s personal information are omitted; hereafter the same shall apply in this subparagraph):(a) If the donation receipt is issued with a false donation amount: 5/100 of the difference between the amount stated on the receipt (or, if not stated, the amount that the person who received the receipt included as a donation in necessary expenses or used for a donation tax credit) and the amount that should be issued in each case];(b) If the donation receipt is issued with false information other than that stated in item (a) above: 5/100 of the amount stated on the donation receipt;
2. If a detailed statement of issuance for each donor is not prepared or retained in accordance with Article 160-3 (1): 2/1000 of the amount of the relevant amount.
(2) If a penalty tax is imposed due to failure to fulfill the duty to submit a report under Article 78 (3) of the Inheritance Tax and Gift Tax Act, or failure to fulfill the duty to prepare and keep books and records for property under paragraph (5) 2 of the same Article, the penalty tax specified in paragraph 1 (2) shall not apply.
(3) 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]