Stamp Tax Act


Published: 2012-06-01

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 Article 1 (Duty to Pay Tax)   print
(1) A person who prepares a contract for the creation, transfer, or change of a right, etc. to an asset or any other document certifying such transactionin the Republic of Korea is obligated to pay the stamp tax on the document pursuant to this Act when he/she prepares the document.
(2) Where two or more persons jointly prepare a document, the persons preparing the document are jointly obligated to pay the stamp tax on the document.
[This Article Wholly Amended by Act No. 9917, Jan. 1, 2010]
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 Article 2 (Definitions)   print
The terms used in this Act shall be defined as follows:
1. The term "certificate" means a contract for the creation, transfer, or change of a right to an asset or any other document prepared to certify such transaction;
2. The term "passbook" means a document bound in the form of a single document to enter recurrent transactions therein.
[This Article Wholly Amended by Act No. 9917, Jan. 1, 2010]
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 Article 3 (Taxable Documents and Amount of Tax)   print
(1) Documents on which the stamp tax shall be paid (hereinafter referred to as "taxable documents") and the amount of tax for each document shall be as set out as follows:
(2) If a taxable document under any subparagraph of paragraph (1) is a passbook, the appropriate stamp tax shall be paid in relation to each book, while if a taxable document is not a passbook, the appropriate stamp tax shall be paid in relation to each set.
(3) An electronic document under Article 2 of the Act on Electronic Documents and Transactions (hereinafter referred to as "taxable electronic document") shall be included in taxable documents under paragraph (1) 1, 2, and 3 (limited to those specified by Presidential Decree). <Amended by Act No. 11461, Jun. 1, 2012>
(4) A taxable document under any subparagraph of paragraph (1) shall be categorized according to its actual nature, irrespective of the name given thereto.
(5) Except as otherwise provided for in paragraphs (1) through (4), matters necessary for determining and categorizing taxable documents shall be prescribed by Presidential Decree.
[This Article Wholly Amended by Act No. 9917, Jan. 1, 2010]
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 Article 4 (Calculation of Stated Amount)   print
(1) If a taxable document falling under any provision of Article 3 (1) 1 through 3, 5, or 6 has no amount stated thereon, the amount under any of the following subparagraphs shall be deemed the amount stated thereon:
1. Where it is possible to calculate the amount with descriptions on the relevant taxable document: The amount so calculated;
2. Where it is impossible to calculate a stated amount in accordance with subparagraph 1: The minimum stated amount under Article 3 (1) 1.
(2) Except as otherwise provided for in paragraph (1), matters necessary for the calculation of a stated amount shall be prescribed by Presidential Decree.
[This Article Wholly Amended by Act No. 9917, Jan. 1, 2010]
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 Article 5 (Annexes)   print
Where the contents of a document is supplemented by one or more other documents (hereinafter referred to as "annexes") to form a single contract, such annexes shall be deemed taxable documents certifying the contents of the contract: Provided, That the foregoing shall not apply where a document under Article 3 (1) 7 is supplemented by such documents and other cases specified by Presidential Decree.
[This Article Wholly Amended by Act No. 9917, Jan. 1, 2010]
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 Article 6 (Non-Taxable Documents)   print
The following documents shall be exempt from the payment of the stamp tax:
1. A certificate or passbook prepared by the State or a local government (including an association of local governments: the same shall apply hereinafter);
2. A certificate or passbook prepared for dealing with the National Treasury;
3. A certificate submitted to the State or a local government for a donation to a public project;
4. A certificate prepared by an organization for charity or relief in connection with its activities;
5. A certificate of the transfer of ownership of a residential house with a stated amount of not more than 100 million won;
6. Acceptance or guarantee of a bill;
7. A duplicate or certified copy of a security under Article 4 (1) of the Financial Investment Services and Capital Markets Act;
8. A certificate of a consumer cash loan with a stated amount of not more than 40 million won;
9. A certificate of goods for the exclusive use of postal service under the Postal Service Act;
10. A certificate required and prepared for the procedure for a transfer, where a parcel of land or other property subject to the Act on Acquisition of and Compensation for Land, etc. for Public Works is transferred to the State, a local government, or any other corporation established pursuant to a Special Act;
11. A monetary stabilization bond issued by the Bank of Korea pursuant to the Bank of Korea Monetary Stabilization Bond Act;
12. A bond issued by an international financial institution specified in the Act on the Measures for the Admission to International Financial Institutions or a certificate prepared in connection with the issuance of such a bond.
[This Article Wholly Amended by Act No. 9917, Jan. 1, 2010]
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 Article 7 (Documents Jointly Prepared by the State, etc.)   print
As regards documents prepared jointly by the State, a local government, or an organization specified in subparagraph 4 of Article 6 (hereafter in this Article referred to as "the State or a similar authority") and a counter-party and kept by each party, a document kept by the State or a similar authority shall be deemed to have been prepared by the counter-party, while the document kept by the counter-party shall be deemed to have been prepared by the State or a similar authority.
[This Article Wholly Amended by Act No. 9917, Jan. 1, 2010]
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 Article 8 (Payment)   print
(1) The stamp tax shall be paid by affixing revenue stamps on a taxable document: Provided, That affixing revenue stamps may be substituted by paying an amount equivalent to the appropriate amount of stamp tax and indicating the fact that the stamp tax is paid on the taxable document, as prescribed by Presidential Decree.
(2) Notwithstanding the provisions of paragraph (1), upon receiving an application from a taxpayer, the Commissioner of the National Tax Service may permit the taxpayer to pay stamp taxes by cash by not later than the tenth day of the month following the month in which taxable documents are prepared, where such taxable documents are prepared continuously and recurrently.
(3) The stamp tax on a taxable electronic document shall be paid by the method referred to in the proviso to paragraph (1) or paragraph (2), or by any other method specified by Presidential Decree.
[This Article Wholly Amended by Act No. 9917, Jan. 1, 2010]
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 Article 8-2 (Determination and Correction)   print
If a taxpayer obligated to pay the stamp tax fails to pay it under Article 8 or the amount of tax so paid is less than the amount payable, the head of the competent tax office or the commissioner of the competent regional tax office shall make a decision to determine or correct the amount of tax not paid or the amount of tax paid less.
[This Article Wholly Amended by Act No. 9917, Jan. 1, 2010]
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 Article 8-3 (Refund or Deduction of Amount of Tax)   print
(1) Unless a taxable document is prepared after the amount of stamp tax is paid pursuant to Article 8, the amount of tax already paid shall be refunded or deducted from the amount of tax due.
(2) Necessary matters regarding the procedure for application for refund under paragraph (1) shall be prescribed by Presidential Decree.
[This Article Wholly Amended by Act No. 9917, Jan. 1, 2010]
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 Article 8-4 (Special Exemption to Payment)   print
Notwithstanding the provisions of Article 8, the Commissioner of the Korea Intellectual Property Office shall collect the stamp tax on a certificate of the transfer of a patent right, a utility model right, design right, or trademark right, among intangible property rights under Article 3 (1) 5, and pay it to the competent tax office by the payment deadline and in the payment method prescribed by Ordinance of the Ministry of Strategy and Finance.
[This Article Wholly Amended by Act No. 9917, Jan. 1, 2010]
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 Article 9 (Recalculation of Amount of Tax)   print
Where a stated amount is changed after a taxable document referred to in Article 3 (1) 1 through 3, 5, and 6 is prepared, the amount of stamp tax shall be calculated, as prescribed by Presidential Decree.
[This Article Wholly Amended by Act No. 9917, Jan. 1, 2010]
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 Article 10 (Cancellation of Stamp)   print
When a revenue stamp is affixed on a taxable document in accordance with Article 8 (1), a person who prepares the taxable document shall cancel the stamp by affixing his/her seal or signature clearly on the borderline between the paper of the taxable document and the stamp.
[This Article Wholly Amended by Act No. 9917, Jan. 1, 2010]
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 Article 11 (Inquiries and Inspections)   print
If a tax officer in charge of administrative affairs of the stamp tax deems it necessary for an investigation into the stamp tax, he/she may inquire or inspect a taxpayer of the stamp tax or a person who has a transaction with a taxpayer with regard to a taxable document.
[This Article Wholly Amended by Act No. 9917, Jan. 1, 2010]
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 Article 12 Deleted. <by Act No. 9917, Jan. 1, 2010]   print
ADDENDA
(1) (Enforcement Date) This Act shall enter into force on July 1, 1992.
(2) (General Applicability) This Act shall apply to a taxable document prepared on or after this Act enters into force.
ADDENDA<Act No. 5374, Aug. 28, 1997>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 1998.
Articles 2 through 7 Omitted.
ADDENDA<Act No. 6537, Dec. 29, 2001>
(1) (Enforcement Date) This Act shall enter into force on January 1, 2002.
(2) (General Applicability) This Act shall apply to a taxable document prepared on orafter this Act enters into force.
(3) (Applicability to Additional Tax and Refund) The amended provisions of Articles 8-2 (2) and 8-3 shall apply to a taxable document prepared on or after this Act enters into force.
(4) (Transitional Measure) Stamp taxes that have been imposed or shall be imposed pursuant to previous provisions before this Act enters into force shall be governed by previous provisions.
ADDENDA<Act No. 7320, Dec. 31, 2004>
(1) (Enforcement Date) This Act shall enter into force on January 1, 2005.
(2) (Applicability to Gift Certificates) The amended provisions of Article 3 (1) 10 shall apply to a gift certificate prepared on or after this Act enters into force.
ADDENDA<Act No. 8139, Dec. 30, 2006>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 2007. (Proviso Omitted.)
Articles 2 through 16 Omitted.
ADDENDA<Act No. 8343, Apr. 11, 2007>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 11 Omitted.
Article 12 (Relationship to other Acts and Subordinate Statutes)
A citation of the former Tourism Promotion Act or any provision thereof by any other Act or subordinate statute in force as at the time this Act enters into force shall be deemed a citation of this Act or the corresponding provision of this Act in lieu of the previous provision, if such a corresponding provision exists in this Act.
ADDENDUM<Act No. 8839, Jan. 9, 2008>
This Act shall enter into force on January 1, 2009.
ADDENDA<Act No. 8852, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 7 Omitted.
ADDENDA<Act No. 9917, Jan. 1, 2010>
Article 1 (Enforcement Date)
This Act shall enter into force on January 1, 2010: Provided, That the amended provisions of Article 3 (3) and 8 (3) shall enter into force on January 1, 2011.
Article 2 (General Applicability)
This Act shall apply to ataxable document prepared on or after this Act enters into force.
Article 3 (Applicability to Electronic Documents)
The amended provisions of Articles 3 (3) and 8 (3) shall apply to ataxable electronic document prepared on or after January 1, 2011.
Article 4 (Transitional Measure)
Stamp taxes that have been imposed or shall be imposed pursuant to previous provisions before this Act enters into force shall be governed by the previous provisions.
ADDENDA<Act No. 11461, Jun. 1, 2012>
Article 1 (Enforcement Date)
This Act shall enter into force three months after the date of its promulgation.
Articles 2 through 10 Omitted.