ENFORCEMENT DECREE OF THE REVENUE PAYMENT BY SECURITIES ACT
Wholly Amended by Presidential Decree No. 4257, Nov. 14, 1969
Amended by Presidential Decree No. 8674, Aug. 30, 1977
Presidential Decree No. 11997, Nov. 1, 1986
Presidential Decree No. 13998, Oct. 26, 1993
Presidential Decree No. 14911, Feb. 12, 1996
| Article 1 (Types of Securities Usable for Payment of Taxes and Other Revenue) |
| (1) | Securities that may be used for paying taxes and other revenues paid into the National Treasury pursuant to Article 1 of the Revenue Payment by Securities Act (hereinafter referred to as the “Act”) shall fall under any of the following and shall be limited to those whose amount do not exceed the amount to be paid: <Amended by Presidential Decree No. 8674, Aug. 30, 1977; Presidential Decree No. 11997, Nov. 1, 1986; Presidential Decree No. 13998, Oct. 26, 1993; Presidential Decree No. 14911, Feb. 12, 1996> |
| 1. | A check issued by a state agency or a local government; |
| 2. | A bank check or remittance check issued by a financial institution; |
| 3. | An ordinary postal money order certificate, small amount postal money order certificate, postal telegraph money order certificate, postal transfer payment certificate or postal transfer account check which has been designated or authorized for a recipient, a public official in charge of disbursement and receipt of revenue, the Bank of Korea (including its head office, branch offices or agencies; hereinafter the same shall apply), the Special Metropolitan City, a Metropolitan City, or a Si/Gun that shall receive revenue (hereinafter referred to as “recipient institution”); |
| 4. | A personal check issued by an agreement with a financial institution or a current account check issued in the name of a revenue payer. |
| (2) | A recipient institution shall refuse the receipt of any securities referred to in paragraph (1) when their period of presentation or validity has expired. <Amended by Presidential Decree No. 8674, Aug. 30, 1977; Presidential Decree No. 11997, Nov. 1, 1986> |
| (3) | The receipt of securities may be refused when the place for payment of securities is not the location of a recipient institution and the date of receiving securities is close to the date the period of presentation or validity of securities expires: Provided, That this shall not apply where a recipient institution is required to pay or send securities at the Bank of Korea and no impediment to such payment exists. <Amended by Presidential Decree No. 11997, Nov. 1, 1986> |
| (4) | Where revenue is paid by a current account check pursuant to paragraph (1) 4, the issuance of a certificate of full payment of tax, etc., the release of seizure or the licensing of import, etc. may be deferred until the settlement of the check is confirmed as prescribed by the head of the relevant revenue agency. <Newly Inserted by Presidential Decree No. 11997, Nov. 1, 1986> |
| Article 2 (Procedures for Revenue Payment by Securities) |
| (1) | A person who intends to pay taxes and other revenues into the National Treasury in securities shall make such payment at a designated place after affixing his/her name and seal on the back side of the relevant securities and attaching the relevant securities to a tax payment notice, a payment notice, or a statement of payment. <Amended by Presidential Decree No. 11997, Nov. 1, 1986> |
| Article 3 (Receipt of Securities and Claim for Payment) |
| (1) | Upon receipt of any securities, a recipient institution shall enter “securities received” on a revenue payment receipt to be issued to the relevant revenue payer, and, in a report of revenue payment or notice of revenue payment to be reported or notified to a revenue collector: Provided, That when a recipient institution has received part of the revenue in securities, it shall additionally enter the amount of the relevant securities. |
| (2) | Any securities received shall be presented to the payer without delay to claim the payment therefor. <Amended by Presidential Decree No. 11997, Nov. 1, 1986> |
| Article 4 (Measures against Dishonored Securities) |
| (1) | In cases falling under Article 2 (1) of the Act, a recipient institution shall, without delay, cancel the amount of revenue payment equivalent to the amount of securities whose payment have been rejected. <Amended by Presidential Decree No. 11997, Nov. 1, 1986> |
| (2) | When a recipient institution has canceled the amount of revenue payment pursuant to paragraph (1), it shall give a report or notice of such fact to a revenue collector without delay. <Amended by Presidential Decree No. 8674, Aug. 30, 1977> |
| (3) | When the Bank of Korea has canceled the amount of revenue payment with respect to the securities which were paid or sent by a public official in charge of disbursement and receipt of revenue, the Special Metropolitan City, a Metropolitan City, or a Si/Gun, it shall give notice of such fact, and at the same time return such securities, to the relevant public official in charge of disbursement and receipt of revenue, the Special Metropolitan City, the Metropolitan City, or the Si/Gun without delay. <Amended by Presidential Decree No. 11997, Nov. 1, 1986; Presidential Decree No. 14911, Feb. 12, 1996> |
| (4) | When any securities have been returned pursuant to paragraph (3), a public official in charge of disbursement and receipt of revenue, the Special Metropolitan City, a Metropolitan City, or a Si/Gun shall send a certificate of receipt of the relevant securities to the Bank of Korea without delay. <Amended by Presidential Decree No. 8674, Aug. 30, 1977; Presidential Decree No. 11997, Nov. 1, 1986; Presidential Decree No. 14911, Feb. 12, 1996> |
| Article 5 (Cancellation of Amount Received) |
When a revenue collector receives a report or notice of cancellation of the amount of revenue payment from a recipient institution, he/she shall cancel the amount of revenue received without delay.
| Article 6 (Reissuance of Tax Payment Notice, etc.) |
When a revenue collector has canceled the amount of revenue received, he/she shall reissue a tax payment notice, a payment notice, or a statement of payment with the same due date as issued before, and then send such notice or statement to the relevant revenue payer: Provided, That a reminder shall be issued where the due date for payment has passed. <Amended by Presidential Decree No. 11997, Nov. 1, 1986>
| Article 7 (Issuance and Service of Notice of Dishonor) |
| (1) | A written notice under Article 3 (1) of the Act shall be issued and served by a recipient institution that has received securities from a revenue payer. <Amended by Presidential Decree No. 11997, Nov. 1, 1986> |
| (2) | Public notice prescribed in Article 3 (2) of the Act shall be given through the Official Gazette: Provided, That said requirement be substituted by posting such notice on the bulletin board of the government agency for which a public official in charge of disbursement and receipt of revenue is working, the Bank of Korea, the Special Metropolitan City, a Metropolitan City, or a Si/Gun for seven days. <Amended by Presidential Decree No. 11997, Nov. 1, 1986; Presidential Decree No. 14911, Feb. 12, 1996> |
| Article 8 (Return of Dishonored Securities) |
| (1) | When a revenue payer intends to request the return of any dishonored securities, he/she shall file such request with the recipient institution at which he/she made a revenue payment in the relevant securities. <Amended by Presidential Decree No. 11997, Nov. 1, 1986> |
| (2) | When a request prescribed in paragraph (1) has been filed, a recipient institution shall receive the relevant revenue payment receipt and return the relevant securities in exchange for the receipt. <Amended by Presidential Decree No. 8674, Aug. 30, 1977> |
| Article 9 (Securities Submitted by Mail) |
Articles 4 through 8 shall apply mutatis mutandis to securities which may not be received or which have been received but are found to have been forged or falsified or fail to meet the requirements for securities prescribed by statutes, from among those submitted by mail for revenue payment. <Amended by Presidential Decree No. 8674, Aug. 30, 1977>
| Article 10 (Measures against Loss of Securities, etc.) |
| (1) | When a recipient institution has lost any received securities or fails to receive a payment as the period of presentation or validity of such securities expires, it shall claim the payment or redemption thereof after undergoing necessary procedures without delay as prescribed by the relevant statutes. <Amended by Presidential Decree No. 11997, Nov. 1, 1986> |
| (2) | When a judiciary act is necessary in cases of paragraph (1), the head of the central government agency to which a public official in charge of disbursement and receipt of revenue belongs shall, without delay, file an objection stating the grounds therefor with the competent government agency that represents the State in civil action. <Amended by Presidential Decree No. 8674, Aug. 30, 1977> |
| (3) | The Special Metropolitan City, a Metropolitan City, or a Si/Gun may pay to the National Treasury an amount equivalent to the amount to be paid or redeemed pursuant to paragraph (1) before such payment or redemption is made. <Amended by Presidential Decree No. 11997, Nov. 1, 1986; Presidential Decree No. 14911, Feb. 12, 1996> |
| Article 11 (Responsibilities of Special Metropolitan City, Metropolitan Cities, or Sis/Guns) |
When the Special Metropolitan City, a Metropolitan City, or a Si/Gun fails to receive the amount of any received securities or the redemption thereof due to the loss of the relevant securities or the expiration of the period of presentation or validity thereof, it shall not be discharged of the responsibility therefor unless it proves that such failure is due to extenuating grounds. <Amended by Presidential Decree No. 11997, Nov. 1, 1986; Presidential Decree No. 14911, Feb. 12, 1996>
| Article 12 (Petition for Discharge of Responsibility) |
| (1) | When the Special Metropolitan City, a Metropolitan City, or a Si/Gun intends to file a petition for discharge of responsibility pursuant to Article 4 (2) of the Act, the Special Metropolitan City or the Metropolitan City shall file such petition with the Board of Audit and Inspection through the head of the competent central government agency, and the Si/Gun shall do so through the competent Do Governor and the head of the competent central government agency. <Amended by Presidential Decree No. 11997, Nov. 1, 1986; Presidential Decree No. 14911, Feb. 12, 1996> |
| (2) | A petition filed under paragraph (1) shall be accompanied by a written opinion of the head of the competent central government agency (limited to cases of the Special Metropolitan City or a Metropolitan City) or the competent Do Governor who has investigated such fact. <Amended by Presidential Decree No. 8674, Aug. 30, 1977; Presidential Decree No. 11997, Nov. 1, 1986; Presidential Decree No. 14911, Feb. 12, 1996> |
| Article 13 (Handling of Securities, and Book Thereof) |
| (1) | A recipient institution shall handle the securities received in a manner equivalent to the handling of cash. |
| (2) | A recipient institution shall clarify the status of supply and demand concerning securities, by keeping a book concerning securities and entering the types, marks, serial numbers and amounts of securities, the names of revenue payers, issuers and payers relevant thereto, and other necessary matters. <Amended by Presidential Decree No. 11997, Nov. 1, 1986> |
ADDENDUM
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 8674, Aug. 30, 1977>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 11997, Nov. 1, 1986>
This Decree shall enter into force on November 1, 1986.
ADDENDUM <Presidential Decree No. 13998, Oct. 26, 1993>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 14911, Feb. 12, 1996>
This Decree shall enter into force on the date of its promulgation.