(1) If a business entity falls under either 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:
1. If the entity that falls under any subparagraph of Article 160-5 (1) fails to use a business account: 2/1000 of the amount corresponding to such failure;
2. If the entity fails to report a business account in accordance with Article 160-5 (3) (excluding cases where it fails to report based on the place of business and uses a business account from another place of business that has already been reported): The greater of the following amounts:(a) The amount calculated as follows:Penalty tax = A × B/C × 2/1000A: Amount of income?for the relevant taxable period;B: Non-reporting period (referring to the the non-reporting period for the relevant taxable period, which means the number of days from the day after the reporting due date to the day before the reporting date, and if the non-reporting period spans multiple taxable periods, it applies to each taxable period);C: 365 (366 in a leap year)(b) 2/1000 of the sum of the transactions specified in the subparagraphs of Article 160-5 (1).
(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]