Article 48Organization and Retention, etc. of Books and Documents Concerning Tax-Exempt Savings at the Business Office of a Financial Institution or Other Such Place

①The head of the business office of a financial institution or other such place must, where the head has received submission of an application to exempt savings from taxation or an application for continuing tax-exempt savings on inheritance, enter on the passbook, certificate, security, or other document pertaining to the deposits and similar savings for which placement was made by submitting those application forms (excluding those pertaining to deposits and similar savings for which an entry or record is made in the transfer account book of a financial institution, custody is accepted, or custody is brokered under Article 37, paragraph (1) or (2) (Records of Securities, etc.)) a statement to the effect that those deposits and similar savings are subject to the application 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, and must retain those application forms as provided by Ministry of Finance Order.

②The head of the business office of a financial institution or other such place must, where the head has received a notice of discontinuance of tax-exempt savings or a notice of death of a tax-exempt saver pertaining to the deposits and similar savings set forth in the preceding paragraph, or where the documents prescribed in Article 45, paragraph (5) (Notice of Discontinuance of Tax-Exempt Savings) or Article 46, paragraph (2) (Notice of Death of a Tax-Exempt Saver, etc.) have been submitted, erase without delay the entry made under the preceding paragraph on those deposits and similar savings.

③The head of the business office of a financial institution or other such place must keep books concerning the deposits and similar savings for which placement was made by submitting an application to exempt savings from taxation, in which the head makes clear, for each person, the principal or face value or equivalent amount of those deposits and similar savings and matters concerning the calculation of their interest, distributions of proceeds, or dividends of surplus, and must retain those books as provided by Ministry of Finance Order.

④The head of the business office of a financial institution or other such place must, where the head has received a statement of tax-exempt savings, a declaration of change to the tax-exempt savings limit, or a notice of change concerning tax-exempt savings, or where the head submits the documents prescribed in Article 45, paragraph (5) or Article 46, paragraph (2), prepare, as provided by Ministry of Finance Order, a copy of those return forms or documents (including an electronic or magnetic record recording the matters to be stated in those return forms or documents), and retain that copy, or an electronic or magnetic record in which the matters to be stated in those return forms, provided by electronic or magnetic means, are recorded, or a document prepared by outputting the content of the information recorded in that electronic or magnetic record.

⑤The head of the business office of a financial institution or other such place must, where the head has prepared the books prescribed in Article 41-2, paragraph (5) (Scope, etc. of Documents Certifying Status as a Person with a Disability or Other Eligible Person), or has received the written notice prescribed in Article 35, paragraph (4) (Special Provisions on Application to Exempt Savings from Taxation for Ordinary Deposit Contracts, etc.), the written application prescribed in Article 41-2, paragraph (5) (including copies of the paper confirming a disability or similar position and the identity verification document prescribed in that paragraph, and the electronic certificate for signature or similar record prescribed in paragraph (4) of that Article), or a notice of death of a tax-exempt saver, retain those books, written notice, or written application as provided by Ministry of Finance Order.

⑥The business office of a financial institution or other such place prescribed in Article 37, paragraph (4) and the person handling payments must retain, as provided by Ministry of Finance Order, books concerning the transfer of beneficial interests in Loan Trusts or specific forms of Bond-Based Investment Trusts Under Public Offering, or of Securities, prescribed in that paragraph, or books concerning the custody of Securities, and the person handling payments prescribed in Article 38, paragraph (1) (Notice by the Head of the business office of a Financial Institution or Other Such Place to the Person Handling Payments) must retain, as provided by Ministry of Finance Order, documents stating the content of the notice prescribed in that paragraph (including electronic or magnetic records recording the matters to be stated in those documents).

⑦The application forms set forth in paragraph (1) and the written notices and written applications set forth in paragraph (5) are to include electronic or magnetic records recording the matters to be stated in those application forms, written notices, or written applications that are provided by electronic or magnetic means.