(1) The taxable period of value-added taxes for entrepreneurs shall be as follows:
1. Simplified taxable persons: From January 1 until December 31;
2. General taxable persons:Number of persons entering a golf course x Number of holes actually played/Total number of holes(2) The initial taxable period for a person starting a new business shall be from the commencement date of the business until the end date of the taxable period that includes the commencement date of the business: Provided, That when an application for business registration is filed prior to the commencement date of the business under the proviso of Article 8 (1), the initial taxable period shall be from the date of such application until the end date of the taxable period that includes the date of application.
(3) If an entrepreneur closes his or her business, the taxable period shall be from the commencement date of the taxable period that includes the date of closing the business until the date of closing the business. In such cases, the standards for determining the date of closing the business shall be prescribed by Presidential Decree.
(4) Notwithstanding paragraph (1) 1, if a general taxable person is converted into a simplified taxable person, or a simplified taxable person is converted into a general taxable person, as a consequence of the application or non-application of provisions concerning simplified taxable persons under Article 62 (1) and (2), the taxable period of value-added taxes in the period for which the provisions concerning simplified taxable persons apply in the year during which such conversion is made shall be determined pursuant to the following classifications: <Newly Inserted on Jan. 1, 2014>
1. Where a general taxable person is converted into a simplified taxable person: From July 1 until December 31 after such conversion;
2. Where a simplified taxable person is converted into a general taxable person: From January 1 until June 30 before such conversion.
(5) If a simplified taxable person becomes a general taxable person by waiving the application of the provisions concerning simplified taxable persons under Article 70, each of the following periods shall be deemed one taxable period. In such cases, the period referred to in subparagraph 1 shall be deemed the taxable period for simplified taxable persons; and the period referred to in subparagraph 2, the taxable period for general taxable persons: <Amended on Jan. 1, 2014>
1. The period from the commencement date of the taxable period that includes the date of report on the waiver of application of simplified taxation under Article 70 (1) until the last day of the month in which the date of report falls;
2. The period from the first day of the month following the month in which the date of report under subparagraph 1 falls until the end date of the taxable period that includes such day.