(1) If the trust property is insufficient to cover the value-added tax or compulsory collection fee (hereinafter referred to as "value-added tax, etc.") falling under any of the following subparagraphs that the trustee is required to pay pursuant to Article 3 (2), the beneficiary of the trust (including the person to whom the trust is terminated and the trust property is vested pursuant to Article 101 of the Trust Act) shall be obligated to pay the deficient amount (hereinafter referred to as "secondary tax obligation") up to the sum of the revenue received and the value of the vested property.
1. Value-added tax or additional dues (limited to additional dues on the value-added tax) for which the statutory deadline arrives pursuant to Article 35 (2) of the Framework Act on National Taxes after the date of creating the trust, if they have arisen in relation to the trust property;
2. Expenses for disposition on delinquency incurred while executing the disposition on delinquency against the amount referred to in subparagraph 1.
(2) If a trustee who is required to pay value-added tax pursuant to Article 3 (3) is in arrears with the value-added tax falling under any of the subparagraphs of paragraph (1), and the amount to be collected is not sufficient even if forced collection is made against the other property of the trustee, the trustee of the trust property shall be obligated to pay the value-added tax of the trustee in accordance with this Act as trust property (hereinafter referred to as the "physical tax obligation").
(3) Except as provided in paragraphs (1) and (2), matters necessary for applying secondary tax liability and liability for tax payment in kind shall be prescribed by Presidential Decree.[Wholly Amended on Dec. 22, 2020]