Value-added Tax Act — Article 64 (Addition of Input Tax Amounts for Goods in Stock in Cases of being Converted to Simplified Taxable Persons)

Where a general taxable person is converted to a simplified taxable person, an amount calculated according to the formula prescribed by Presidential Decree regarding the goods in stock, assets under construction, and depreciable assets (limited to those eligible for deductions under Articles 38 through 43, but including those which are taken over by a business transferee through the business transfer under Article 10 (9) 2 and for which the business transferee is entitled to deduct the input tax amount) at the time of such conversion shall be added to the amount of tax payable under Article 63 (2). <Amended on Dec. 19, 2017>