Article 35Special Provisions on Application to Exempt Savings from Taxation for Ordinary Deposit Contracts, etc.

①Where an individual places deposits and similar savings for which the individual wishes to receive the application of the provisions of Article 10, paragraph (1) (Nontaxability of Interest Income from Small Amounts of Deposits Held by Persons with Disabilities and Other Eligible Persons) of the Act, if the placement is based on a contract pertaining to an ordinary deposit or other deposits and similar savings specified by Ministry of Finance Order (hereinafter referred to as an "ordinary deposit contract, etc." in this Article), the individual may state, in the application to exempt savings from taxation that the individual submits at the time of the placement, in lieu of the matters listed in paragraph (1), item (iv) of the preceding Article, the category of the deposits and similar savings specified by Ministry of Finance Order that are to be placed under the ordinary deposit contract, etc. and the limit amount pertaining to the current balance of those deposits and similar savings (in the case of Securities, the current balance calculated on the basis of face value or equivalent amount; the same applies hereinafter in this Article).

②Where an application to exempt savings from taxation with a statement made under the provisions of the preceding paragraph has been submitted, if it becomes necessary to change the limit amount pertaining to the current balance of those deposits and similar savings, the changed limit amount is to be stated in an application to exempt savings from taxation submitted thereafter.

③Where an application to exempt savings from taxation with a statement made under the provisions of paragraph (1) has been submitted for deposits and similar savings for which the submitter wishes to receive the application of the provisions of Article 10, paragraph (1) of the Act, notwithstanding the provisions of paragraph (2) of the preceding Article, submission of an application to exempt savings from taxation is not required for those deposits and similar savings until their current balance reaches the limit amount pertaining to the current balance of those deposits and similar savings stated therein (where an application to exempt savings from taxation with a statement made under the provisions of the preceding paragraph has been submitted, after its submission, the changed limit amount).

④Where an individual who has submitted an application to exempt savings from taxation with a statement made under the provisions of paragraph (1) or (2) ceases, after its submission, to fall under the category of a Person with a Disability or other eligible person, the individual must, without delay, submit to the business office of the financial institution or other such place to which that application form was submitted a written notice stating that the individual no longer falls under the category of a Person with a Disability or other eligible person and other matters specified by Ministry of Finance Order.