(1) Where a small or medium business owner or middle-standing business owner who meets the requirements prescribed by Presidential Decree (hereafter in this Article referred to as "small or medium business owner or middle-standing business owner"), such as the ratio of exports to sales, files in advance an application for deferred payment of value-added tax on the importation of raw materials and other goods prescribed by Presidential Decree that are used to manufacture and process articles, the head of the competent customs office may defer the payment of value-added tax on the importation of those goods, notwithstanding Article 50. <Amended on Dec. 20, 2016>
(2) A small or medium business owner or middle-standing business owner granted a deferral of the payment of value-added tax under paragraph (1) shall adjust or pay the deferred amount of tax, as prescribed by Presidential Decree, when filing a preliminary return under Article 48 or a final return under Article 49 with the head of the tax office having jurisdiction over the place of tax payment. In such cases, the amount of tax paid to the head of the tax office having jurisdiction over the place of tax payment shall be deemed paid to the head of the competent customs office. <Amended on Dec. 20, 2016>
(3) Where a small or medium business owner or middle-standing business owner granted a deferral of the payment of value-added tax under paragraph (1) falls under the grounds prescribed by Presidential Decree, such as failing to pay national taxes, the head of the competent customs office may revoke the deferral of payment. In such cases, the head of the customs house shall give notice of such revocation to the relevant small or medium business owner or middle-standing business owner. <Amended on Dec. 20, 2016>
(4) Procedures for applying for the deferral of payment and the period of deferred payment under paragraphs (1) through (3), and other matters necessary for the deferral of payment, shall be prescribed by Presidential Decree.[This Article Newly Inserted on Dec. 15, 2015]