(1) With respect to a supply of any goods or services that fall under any of the following, which are exempt from value-added tax under Article 26 of this Act, Article 106 of the Restriction of Special Taxation Act, or other provisions, an entrepreneur may choose not to be exempted from value-added tax by filing a report on waiver of such tax exemption, as prescribed by Presidential Decree:
1. A supply of goods or services eligible for the zero tax rate under Articles 21 through 24;
2. A supply of goods or services under Article 26 (1) 12, 15, and 18.
(2) Where an entrepreneur has filed a report on waiver of tax exemption under paragraph (1), he or she shall not be exempted from value-added tax for three years from the date such report has been filed.
(3) Where an entrepreneur who has filed a report on waiver of tax exemption under paragraph (1) intends to be exempted from value-added tax after expiration of a period under paragraph (2), he or she shall submit a report on the application of tax exemption, as prescribed by Presidential Decree; and if not, he or she shall be deemed to continue to waive tax exemption.
(4) Matters necessary for procedures for waiving tax exemption under paragraph (1) shall be prescribed by Presidential Decree.