REVENUE PAYMENT BY SECURITIES ACT
Act No. 876, Dec. 27, 1961
Amended by Act No. 5454, Dec. 13, 1997
Act No. 9825, Dec. 29, 2009
| Article 1 (Scope of Revenue Payable in Securities) |
Taxes and other revenue paid into the national treasury may be paid in securities, as prescribed by Presidential Decree, except where such payments shall be made by revenue stamps or postage stamps.
[This Article Wholly Amended by Act. No. 9825, Dec. 29, 2009]
| Article 2 (Measures against Dishonored Securities) |
| (1) | If securities received pursuant to Article 1 are presented during the period for presentation or the effective period to claim the payment therefor but the payment is rejected, it shall be deemed that no payment has been made at all. |
| (2) | If customs duty must be collected again because it is deemed pursuant to paragraph (1) that customs duty has not been paid at all, provisions governing delinquent taxes under the National Tax Collection Act shall apply mutatis mutandis. |
[This Article Wholly Amended by Act. No. 9825, Dec. 29, 2009]
| Article 3 (Countermeasures against Dishonored Securities) |
| (1) | In cases under Article 2 (1), the public official in charge of disbursement and receipt of revenue, the Bank or Korea, the Special Metropolitan City or a Metropolitan City, Si, or Gun shall dispatch a written notice, to the effect that the securities have been dishonored and thus a claim shall be filed to have the securities returned, to the person who made a payment in securities. |
| (2) | If a person on whom a notice under paragraph (1) must be served does not receive the notice or the address or abode of such a person is not clear, details of the notice shall be given by public notice. |
| (3) | No person who makes a payment in securities shall claim the refund of such securities after the lapse of one year from the date on which a notice under paragraph (1) is served or public notice under paragraph (2) is given. |
[This Article Wholly Amended by Act. No. 9825, Dec. 29, 2009]
| Article 4 (Responsibilities of Special Metropolitan City, Metropolitan Cities, Sis, or Guns) |
| (1) | The Special Metropolitan City, Metropolitan City, Si, or Gun that receives securities pursuant to this Act shall be responsible for transferring cash to the National Treasury by exercising rights under the securities: Provided, That the foregoing shall not apply where the place for payment of securities for which the Special Metropolitan City or a Metropolitan City, Si, or Gun is responsible to transfer cash is the head office, a branch office, or an agency of the Bank of Korea. |
| (2) | If the Special Metropolitan City or a Metropolitan City, Si, or Gun fails to receive the amount of securities due to any reason attributable to each of them, it may file a petition for discharge of responsibility with the Government, along with documents proving relevant facts. |
| (3) | Upon receipt of a petition under paragraph (2), the Government may examine facts and discharge the Special Metropolitan City or a Metropolitan City, Si, or Gun from its responsibility. |
[This Article Wholly Amended by Act. No. 9825, Dec. 29, 2009]
| Article 5 (Application Mutatis Mutandis) |
Provisions applicable to the Special Metropolitan City or each Metropolitan City, Si, or Gun in this Act shall apply mutatis mutandis to a person who is responsible to remit taxes and other revenue to the National Treasury as collected pursuant to any other Act and subordinate statutes.
[This Article Wholly Amended by Act. No. 9825, Dec. 29, 2009]
| Article 6
Deleted.<by Act. No. 9825, Dec. 29, 2009> |
ADDENDA
| (1) | (Enforcement Date) This Act shall enter into force ninety days after the date of its promulgation. |
| (2) | (Repeal of Old Act) The former Revenue Payment by Securities Act enforced in Korea shall be hereby repealed. |
ADDENDUM<Act No. 5454, Dec. 13, 1997>
This Act shall enter into force on January 1, 1998. (Proviso Omitted.)
ADDENDUM<Act No. 9825, Dec. 29, 2009>
This Act shall enter into force on the date of its promulgation.