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8. Tax Penalties
	The penalties on failure to comply with obligations by the tax laws are as follows:
a.  Penalty on Failure to File Returns
	If a resident either fails to file a tax return or under-reports the relevant income, an
	amount equivalent to 20% of the income unreported or under-reported will be included in
	the calculation of tax amount as follows:
			income amount unreported or underreported
			Income amount to be properly reported
		X	tax amount properly calculated
		X	20%
b. Penalty on Non-payment or Underpayment of Tax
	(1)	When the income tax payable with the final return has not been paid in full, a penalty
		in the amount of 0.03% of the amount shall be added to the amount of tax due, for
		each day the amount remains unpaid.
	(2)	When a taxpayers association fails to fully pay the income tax due within the time
		required, a penalty of 5% of the unpaid amount shall be added to the amount of tax
		due.  When tax is not paid properly, the penalty amounts to 0.03% on the unpaid
		amount per day.
c.  Penalty Tax on Failures to Withhold Tax
	If a person subject to tax withholding fails to withhold tax at source or fails to pay the
	government tax withheld within the payment period, the larger of  (1) or (2)
	(1)	An amount that multiplies 0.03% by the number of unpaid days (limited to 10% of unpaid tax)
	(2)	An amount equivalent to 5% of unpaid tax.
d.  Penalty Tax on Failures to Report Withholding Invoices
	(1)	If a concerned person fails to submit a payment report  within the reporting period or
		if the reported facts concerning payment are found to be unclear as specified by the
		Presidential Decree, a penalty in the amount of 2% of the payment due shall be
		charged.
	(2)	If a concerned person fails to issue or submit a proper tax invoice regarding the
		transaction involved, a penalty in the amount of 1% of the transaction shall be
		charged.
e.  Penalty Tax Related to Gathering Relevant Tax Invoices
	(1)	If a taxpayer has an obligation to keep double entry books but fails to keep available
		invoices in the form that is generally accepted (including credit card receipts) as
		supporting evidence for the payment of goods received and services rendered, a
		penalty may be imposed in the amount of 2% of the total value of such unsupported
		transactions. The penalty may be applied even if the expense deduction is
		sufficiently substantiated to be allowed.
	(2)	If a taxpayer who has an obligation to keep double entry books does not submit a list
		of invoices to the tax office, a penalty tax amounting to 1% of the unreported amount
		shall be charged.
f.  Penalty tax on failure to maintain adequate books and records
	If a taxpayer operating a business fails to maintain proper books and records, such
	taxpayer will be subject to penalty tax equal to 20% of the amount of tax due for the tax
	year involved multiplied by the following rate "R."
	R =  improperly documented portion of taxable income divided by total taxable income