Article 1(Purpose) #
The purpose of this Decree is to provide for matters mandated by the Act on the Registration of Real Estate under Actual Titleholder's Name and those matters necessary for the enforcement thereof. <Amended on Jan. 6, 2017>
Article 2(Real Estate Appraisal Methods) #
For the purpose of Article 5 (2) 2 of the Act on the Registration of Real Estate under Actual Titleholder's Name (hereinafter referred to as the "Act"), "such method as determined by the Presidential Decree" means such appraisal methods as prescribed in Articles 51 and 63 of the Enforcement Decree of the Inheritance Tax and Gift Tax Act.
[This Article Wholly Amended on Jan. 6, 2017]
Article 3(Imposition and Collection of Penalty) #
(1) A Special Self-Governing Province Governor, a Special Self-Governing City Mayor, and the head of Si/Gun/Gu shall, within one month after confirming that an offence has been made under Article 5 (1) of the Act, give written notification including each of the following subparagraphs to the offending party requiring the payment of the penalty: <Amended on Jan. 6, 2017>
1. Name (in case of a juristic person, its title) and address of the penalty payer;
2. Category of offences;
3. Amount of and calculation basis for the penalty;
4. The time limit for payment and the agency to which the penalty is to be paid.
(2) Any person who is notified under paragraph (1) shall pay the penalty within three months from the date of notification requesting the payment: Provided, That if it is impossible for the offender to pay the penalty within the fixed period due to a natural disaster or other events beyond its control, the period of delay caused thereby shall be excluded from the calculation of the payment period. <Amended on Jan. 6, 2017>
(3) The agency which has received the penalty payment pursuant to paragraph (2) shall deliver a receipt to the payer and send without delay a notification of this payment to a Special Self-Governing Province Governor, a Special Self-Governing City Mayor, and the head of Si/Gun/Gu whose department imposed the penalty. <Amended on Jan. 6, 2017>
(4) If the penalty is overpaid, or if the penalty is refunded by an administrative appeal, etc., a Special Self-Governing Province Governor, a Special Self-Governing City Mayor, and the head of Si/Gun/Gu shall pay the additional charges on the refund applied with the interest rate under Article 43 of the Enforcement Decree of Framework Act on the Local Taxes for the period from the day on which the penalty is paid to the day on which the refund is granted. <Amended on Jan. 6, 2017; Mar. 27, 2017>
(5) Matters other than those referred to in paragraphs (1) through (4) which are necessary for the imposition and collection of penalties shall be subject to the precedents regarding the collection of local tax revenues.
Article 3-2(Imposition Criteria for Penalty on Title Trusters) #
The imposition criteria for penalty under Article 5 (3) of the Act shall be as the attached Table: Provided, That where it is not for the purpose of evading taxes or avoiding the restrictions pursuant to the Acts and subordinate statutes, 50/100 may be reduced.
[This Article Newly Inserted on Apr. 8, 2002]
Article 4(Payment of Penalty in Kind) #
(1) For the purpose of Article 5 (4) of the Act, the term "amount as determined by the Presidential Decree" indicates ten million won. <Amended on Apr. 8, 2002>
(2) Any person who desires to make a payment in kind under Article 5 (4) of the Act shall submit to a Special Self-Governing Province Governor, a Special Self-Governing City Mayor, and the head of Si/Gun/Gu the application for payment in kind in which the amount of the penalty and the details regarding the piece of real estate, such as its address, size of area, location and price, are stated not later than thirty days before the time limit for payment as prescribed in Article 3 (2). <Amended on Apr. 8, 2002; Jan. 6, 2017>
(3) A Special Self-Governing Province Governor, a Special Self-Governing City Mayor, and the head of Si/Gun/Gu shall, upon receiving the application for payment in kind as referred to in paragraph (2), give written notification of acceptance or rejection to the applicant within fifteen days after the date of receiving the application. <Amended on Jan. 6, 2017>
(4) If the acceptable price of the real estate as referred to in paragraph (2) exceeds the penalty, or if it is difficult to accept the real estate as payment in kind in terms of its management or its disposal, a Special Self-Governing Province Governor, a Special Self-Governing City Mayor, and the head of Si/ Gun/Gu may reject the application for payment in kind. <Amended on Jan. 6, 2017>
(5) The acceptable price of the real estate to be appropriated for the payment in kind shall be the value of the real estate as prescribed in Article 5 (2) of the Act at the time the approval for payment in kind is granted.
(6) Matters other than those referred to in paragraphs (2) and (3) necessary for the procedures of payment in kind shall be determined by the Ordinance of the Ministry of Justice. <Amended on Apr. 8, 2002>
Article 4-2(Extension of Payment Deadline and Installment Payment of Penalties) #
(1) For the purpose of the former part other than the subparagraphs of Article 5-2 (1) of the Act, the term "criteria prescribed by Presidential Decree" means ten million won.
(2) The extension of payment deadline of a penalty under Article 5-2 (1) of the Act shall not exceed one year from the next date of the payment deadline.
(3) Where the payment is installed under Article 5-2 (1), the interval between the installed payment deadlines shall be within six months and the number of installment shall be within three times.
(4) A person who intends to extend the payment deadline of a penalty or install the payment thereof under Article 5-2 (1) of the Act shall submit an application, prescribed by Ordinance of the Minister of Justice, in attachment of documents proofing the reason for which the extension of payment deadline or installment payment of the penalty is applied, to a Special Self-Governing Province Governor, a Special Self-Governing City Mayor, and the head of Si/Gun/Gu.
[This Article Newly Inserted on Jan. 6, 2017]
[Previous Article 4-2 moved to Article 4-4 <Jan. 6, 2017>]
Article 4-3(Classification and Appraisal of Securities) #
For the purpose of the latter part other than the subparagraphs of Article 5-2 (1) of the Act, the provisions of Articles 65 through 70 of the Framework Act on Local Taxes apply mutatis mutandis. <Amended on Mar. 27, 2017>
[This Article Newly Inserted on Jan. 6, 2017]
Article 4-4(Imposition Criteria for Penalty on Persons Making No Registration for Long Time) #
The imposition criteria for penalty under Article 10 (2) of the Act shall be as the attached Table: Provided, That where it is not for the purpose of evading taxes or avoiding the restrictions pursuant to the Acts and subordinate statutes, 50/100 may be reduced.
[This Article Newly Inserted on Apr. 8, 2002]
[Moved from Article 4-2 <Jan. 6, 2017>]
Article 5(Actual Name Registration by Religious Organization or Local School belonging to Confucian Shrine) #
(1) For the purpose of the proviso of Article 11 (1) of the Act, the term "religious organization or local school annexed to a Confucian shrine, etc." means those institutions falling under any of the following subparagraphs: <Amended on Jan. 6, 2017; May 7, 2024>
1. Religious orders, religious bodies, support foundations or similar associated religious organizations (hereinafter referred to as "religious orders") and individual organizations established for the purpose of propagating the religion or other enlightening, which are juristic persons or incorporated associations or foundations other than juristic persons which have received registration numbers pursuant to Article 49 (1) 3 of the Registration of Real Estate Act;
2. Juristic persons or organizations which belong to religious orders and are established for the purpose of dissemination of religion and other enlightenment (hereinafter referred to as "subordinate religious organizations");
3. Confucian school foundations and individual Confucian schools under the Confucian School Property Act, and Seowon, which are designated as cultural heritage pursuant to the Act on Conservation and Utilization of Cultural Heritage or as natural heritage pursuant to the Act on Preservation and Utilization of Natural Heritage.
(2) For the purpose of the proviso of Article 11 (1) of the Act, the term "real estate as prescribed by the Presidential Decree" means each of the following subparagraphs: <Amended on Apr. 8, 2002; Jan. 6, 2017>
1. Real estate the title of which is entrusted between the religious orders as referred to in paragraph (1) 1 and the subordinate religious organization as referred to in paragraph (1) 2;
2. Farmland (including any buildings fixed to the farmland) as prescribed by the Farmland Act, which is used for the proper object of the religious organizations and local schools attached to a Confucian shrine, etc. as referred to in paragraph (1).
[Title Amended on Jan. 6, 2017]
Article 6(Entrustment to Korea Asset Management Corporation with Sale of Real Estate) #
(1) Any person who desires to entrust under Article 11 (2) 2 of the Act, the Korea Asset Management Corporation under the Act on the Establishment of Korea Asset Management Corporation (hereinafter referred to as the "Korea Asset Management Corporation"), with a sale of real estate, shall submit an application for entrustment covering the sale of real estate, together with such documents as prescribed by the Ordinance of the Ministry of Justice. <Amended on Nov. 19, 1997; Feb. 14, 2000; Apr. 8, 2002; Mar. 24, 2014; Feb. 17, 2022>
(2) The Korea Asset Management Corporation shall, upon receiving an entrustment covering the sale of any real estate under paragraph (1), dispose of it by public auction: Provided, That if it is inappropriate to dispose of it by public auction in such a way as prescribed by the Ordinance of the Ministry of Justice, it may dispose of it by a negotiated contract. <Amended on Feb. 14, 2000; Apr. 8, 2002>
(3) The Korea Asset Management Corporation shall, upon receiving any entrustment covering the sale of real estate under paragraph (1), consult in writing with the entrusting person, on a package deal basis, with regard to the conditions of sale, such as the minimum bid price, etc. applicable after several public auctions, on the basis of such value evaluated by an appraiser under the Act on Appraisal and Certified Appraisers as applicable to the estimated price of the first public auction. <Amended on Feb. 14, 2000; Aug. 31, 2016>
(4) The entrusting person shall, upon receiving a consultation on the condition of disposal from the Korea Asset Management Corporation under paragraph (3), notify in writing whether he/she agrees to the conditions of sale or not, within twenty days after the consultation is requested. <Amended on Feb. 14, 2000>
(5) If no notification is given within the period as referred to in paragraph (4), or any agreement fails to be reached despite the consultations conducted on 3 occasions, the Korea Asset Management Corporation shall perform the public auction according to the condition of disposal as prescribed by the Ordinance of the Ministry of Justice, such as the minimum auction price applicable after several biddings, etc. In this case, to decide the conditions of disposal, the estimated public auction price shall be determined by reducing successively the amount equivalent to the estimated price of the first public auction every time the public auction is performed. <Amended on Feb. 14, 2000; Apr. 8, 2002>
(6) If the Korea Asset Management Corporation has sold the real estate, the entrusting person shall bear the expenses and fees needed for the sale, under the conditions as prescribed by the Ordinance of the Ministry of Justice. <Amended on Feb. 14, 2000; Apr. 8, 2002>
Article 7(Scope of Real Estate subject to Special Case of Tax Imposition) #
(1) The term "one case of real estate registered under an actual name" in Article 13 (1) of the Act means a case where a parcel of real estate (including several lots of real estate abutting on one another) is registered under the name of the title trustee before the Act enters into force, or one building (including any buildings attached to this and any land appurtenant to the building, and in case of an apartment house as prescribed by the Housing Act, it shall be a partitioned building of one household and the land appurtenant thereto) is registered in an actual name. <Amended on Nov. 29, 2003>
(2) The value of real estate as prescribed in Article 13 (1) of the Act shall be the value calculated under each subparagraph of Article 5 (2) of the Act as of the date of enforcement of the Act.
Article 8(Imposition Criteria for Penalty against Violation of Liability to Submit Documents by Existing Transfer Security Right Holder) #
The criteria for imposing a penalty under Article 14 (3) of the Act shall be as those in the attached Table: Provided, That where it is not for the purpose of evading taxes or avoiding the restrictions pursuant to the Acts and subordinate statutes, the penalty equivalent to 5/100 of the assessed value of real estate shall be imposed.
[This Article Newly Inserted on Apr. 8, 2002]