Corporate Tax Act.

This Act provides for the matters relevant to corporate tax. The Act consist of 4 Chapters: General Provisions; Corporate Tax on Income of Domestic Corporation for Each Business Year; Corporate Tax on Liquidation Income of Domestic Corporations; Corporate Tax on Income of Foreign Corporations for Each Business Year.
Both of the following corporations shall be liable to pay corporate tax on any income under this Act: 1. A domestic corporation; 2. A foreign corporation which has income in the Republic of Korea. Corporate tax shall be imposed by the head of the tax office having jurisdiction over the place of tax payment or the Commissioner of the competent Regional Tax Office. The Act further makes provisions for: tax base and calculation, calculation of amount of tax, reports and payment, etc.