| (1) | Where a resident aged 19 or older as at the time of deposit makes a deposit prescribed by Presidential Decree (limited to a deposit not exceeding 30 million won per person; hereinafter referred to as "deposit in a cooperative, etc. ") in a cooperative, etc. whose members, partners, etc. are comprised of farmers, fishermen, and other residents with a mutual tie, no income tax shall be levied on an interest income accrued from the deposit in the cooperative, etc. for the period from January 1, 2007 to December 31, 2025; the tax rate of 5/100 shall apply to such interest income accrued for the period from January 1, 2026 to December 31, 2026, notwithstanding Article 129 of the Income Tax Act; such interest income shall neither be included in the tax base of the global income calculated under Article 14 (2) of the Income Tax Act, nor be subject to individual local income tax under the Local Tax Act. <Amended on Dec. 31, 2011; Dec. 1, 2013; Dec. 1, 2014; Dec. 15, 2015; Dec. 24, 2018; Dec. 29, 2020; Dec. 31, 2022> |
| (2) | The tax rate of 9/100 shall apply to the interest income accrued from the deposit in a cooperative, etc. on or after January 1, 2027, notwithstanding Article 129 of the Income Tax Act; and such income shall neither be included in the tax base of the global income calculated under Article 14 (2) of that Act, nor be subject to individual local income tax under the Local Tax Act. <Amended on Jan. 1, 2013; Jan. 1, 2014; Dec. 15, 2015; Dec. 24, 2018; Dec. 29, 2020; Dec. 31, 2022> |
[This Article Wholly Amended on Jan. 1, 2010]